BuzzFeed Has Until November to Get Stock Price Above $1 or Face Delisting From NASDAQ
BuzzFeed was served with a “notice of delisting” from The Nasdaq Stock Market LLC on May 31, warning them that they face being delisted after 30 consecutive business days of failing to meet the minimum $1.00 per share requirement.
The media company has 180 calendar days, or until Nov. 27, to raise its bid price.
Per the notice, NASDAQ will monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the bid price requirement.
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The notice comes after the company held its 2023 stockholders meeting.
The digital media company reported first-quarter revenue of $67.2 million and a net loss of $36.3 million, for a loss per share of $0.26, on May 31. The company had previously warned Wall Street to expect for the downturn.
In the fourth quarter, BuzzFeed reported a net loss of $106.2 million against quarterly revenue of $134.6 million.
In April, the company closed its news division as part of 15% layoffs across the company.
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