Auddia Inc. (Nasdaq: AUDD) has avoided delisting from the stock exchange after regaining compliance with the bid-price rule, according to documents filed Tuesday with the U.S. Securities and Exchange Commission.
Auddia had received a notification from the Nasdaq on July 14 that it was in violation of the bid-price rule because its share price traded below $1 per share for 30 consecutive days. At that point, the company had 180 days to regain compliance by raising its share price above $1 per share for 10 straight days.
Auddia achieved this on July 27.
The company develops smartphone apps that use artificial intelligence to play music over a radio station’s commercial break time in exchange for a monthly subscription fee from listeners.
Auddia stock closed Tuesday at $1.10 per share.
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