A Louisville-based metals recycling company is in danger of being delisted from the Nasdaq stock exchange.
According to a filing from the Securities Exchange and Commission, Nasdaq notified Industrial Services of America last week that it had not met the minimum closing bid price requirement to remain on the exchange.
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Nasdaq rules state that companies must not dip below a bid price of at least $1.00 per share for 30 consecutive business days. The filing found that Industrial Services of America failed to meet this requirement, falling short for 30 consecutive business days from June 20 to Aug. 5 of this year.
Now, the company has 180 calendar days, or until Feb. 3, to have shares of its stock meet or exceed $1.00 per share for a minimum of 10-consecutive business days. If the unable to do so, Industrial Services of America might be able to request another 180-calendar-day period before Nasdaq potentially moves to remove it from the stock exchange.
The company would have the right to appeal Nasdaq’s decision to delist the stock.
Founded in October 1953, Industrial Services of America focuses on buying, processing and marketing ferrous and non-ferrous metals, as well as other recyclable commodities. University of Louisville athletic director Vince Tyra currently serves on the company’s board of directors.
The company will continue to monitor its closing bid prices over the next several months, according to the filing.
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“The company has made no determination regarding any action or response to the notice at this time,” the filing said.
Industrial Services of America’s stock is trading at roughly $0.75 per share as of Thursday afternoon around 4 p.m.
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