PLBY Group Faces Nasdaq Delisting Warning

TL;DR

Nasdaq says PLBY's stock price is too low, company plans reverse split to fix it.

AI Summary

PLBY Group, Inc. filed an 8-K on June 27, 2024, to report its failure to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company received a deficiency letter on June 25, 2024, indicating its common stock closed below $1.00 per share for 30 consecutive business days. PLBY Group plans to regain compliance by implementing a reverse stock split.

Why It Matters

Failure to meet listing requirements could lead to delisting from the Nasdaq, potentially impacting the stock's liquidity and investor confidence.

Risk Assessment

Risk Level: medium — The company is at risk of delisting from a major stock exchange, which could negatively impact its stock price and investor perception.

Key Numbers

• $1.00 — Minimum Bid Price (The stock price closed below this amount for 30 consecutive business days, triggering a delisting warning.)

Key Players & Entities

• PLBY Group, Inc. (company) — Registrant
• Nasdaq Capital Market (company) — Stock Exchange
• June 27, 2024 (date) — Date of Report
• June 25, 2024 (date) — Date of Deficiency Letter
• $1.00 (dollar_amount) — Minimum bid price requirement

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share PLBY Nasdaq Global
• $1.00 — mmon stock had closed below the minimum $1.00 per share requirement for continued lis

Filing Documents

• ply-20240627.htm (8-K) — 25KB
• 0001803914-24-000051.txt ( ) — 149KB
• ply-20240627.xsd (EX-101.SCH) — 2KB
• ply-20240627_lab.xml (EX-101.LAB) — 22KB
• ply-20240627_pre.xml (EX-101.PRE) — 13KB
• ply-20240627_htm.xml (XML) — 3KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On June 27, 2024, the Company received a letter (the "Nasdaq Staff Deficiency Letter") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that, for the prior 32 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until December 24, 2024, to regain compliance. The letter states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5450(a)(1) if at any time before December 24, 2024, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days. The Nasdaq Staff Deficiency Letter has no immediate effect on the listing or trading of the Company's common stock. The Company intends to monitor the bid price of its common stock and consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with Nasdaq's minimum bid price rule by December 24, 2024. If the Company does not regain compliance with Rule 5450(a)(1) by December 24, 2024, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company would need to apply to transfer the listing of the common stock to The Nasdaq Capital Market and would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the bid price requirement. The Company would also be required to provide written notice to Nasdaq of its intent to cure the deficiency during the second compliance period,

View Full Filing

View this 8-K filing on SEC EDGAR