SenesTech Inc (NASDAQ: SNES) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it has regained compliance with a key NASDAQ listing rule. Of course, the news excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The compliance;
- what we’re seeing from SNES as a result; and
- what we’ll be watching for with regard to the stock ahead.
SNES Announces NASDAQ Compliance
As mentioned above, SenesTech is having an incredibly strong start to the trading session this morning after the company announced that it has received notice that it is now in compliance with a key NASDAQ listing rule. In a press release issued early this morning, the company announced that it received a letter from the Listing Qualifications Department of The NASDAQ Capital Market, informing SNES that it has regained compliance with Nasdaq Listing Rule 5550(a)(2). This rule requires the maintenance of a $1.00 minimum closing bid price for ten consecutive business days.
The non-compliance issue started on January 3rd, when the company received written notification from Nasdaq with regard to the minimum bid price requirement and was provided 180 calendar days to remedy the issue. As a result of SNES regaining compliance, the matter is now closed. In a statement, Dr. Loretta P. Mayer co-Founder and CEO at SNES, had the following to offer:
This allows us to focus even more closely on commercial success, and continued efforts to increase shareholder value.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In the case of SenesTech, the news proved to be overwhelmingly positive. After all, with the NASDAQ compliance in mind, the company will continue to have access to the NASDAQ Capital Market. So, it’s no surprise that excited investors are sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:15), SNES is trading at $2.09 per share after a gain of $0.24 per share or 12.98% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SNES. In particular, we’re interested in following the company’s continued growth now that the listing compliance issue is behind them. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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