Stein Mart Faces Possible Nasdaq Delisting

by MR Magazine Staff

Nasdaq has put Stein Mart on notice that the retailer doesn’t currently meet its requirements for trading on the stock exchange, Stein Mart said in a securities filing on Monday. The discount department store’s stock sold for under $1 for more than 30 days, prompting the notice from Nasdaq. The company has until Jan. 6 of next year to regain compliance, which would require its stock to close at a price of more than $1 for 10 consecutive days. Stein Mart said it plans to monitor its stock price actively and take action to remain compliant with Nasdaq’s rules. Read more at Retail Dive.