Qurate Retail Granted 180-Day Extension by Nasdaq for Compliance with Minimum Bid Price Requirement

Qurate Retail, Inc. was granted an extension by Nasdaq on December 10, 2024, to comply with the Minimum Bid Price Requirement. As detailed in the company’s recent SEC filing, Qurate Retail had previously received a notice from Nasdaq on June 10, 2024, indicating non-compliance with the minimum bid price requirement for the continued listing of its Series A common stock, QRTEA.

Following this notice, Qurate Retail had 180 calendar days to regain compliance with the Minimum Bid Price Requirement or transfer to the Nasdaq Capital Market, with an option to request an additional 180-day extension. Effective December 2, 2024, QRTEA, the Series B common stock, and the 8.0% Series A Cumulative Redeemable Preferred Stock were transferred to the Nasdaq Capital Market.

Nasdaq has now granted Qurate Retail an additional 180-day extension, setting the new compliance date for June 9, 2025. If QRTEA maintains a bid price of at least $1.00 for a minimum of 10 consecutive business days before the New Compliance Date, Nasdaq will confirm compliance to the company, effectively closing the matter regarding the Minimum Bid Price Requirement.

To ensure compliance, Qurate Retail will actively monitor the bid price of QRTEA, exploring available options to address the deficiency. The company has committed to implementing a reverse stock split if necessary to meet the Minimum Bid Price Requirement before the specified compliance date.

However, the filing highlights a disclaimer that there is no guarantee that Qurate Retail will achieve compliance with the Minimum Bid Price Requirement or meet other Nasdaq listing criteria. The company may face challenges in successfully implementing a reverse stock split should that option be pursued.

In concluding the report, Qurate Retail disclosed its intention to address the compliance issue diligently with Nasdaq. The company’s filing was signed by Katherine C. Jewell, Vice President and Secretary of Qurate Retail, Inc.

The end of the 8-K filing also provided information about the closing of a transaction between Neuronetics, Inc. and Greenbrook TMS Inc., marking a transformative moment in the delivery of mental health therapy in the United States. Neuronetics acquired all the issued and outstanding common shares of Greenbrook through a court-approved plan of arrangement, with each Greenbrook Share exchanged for Neuronetics common stock at the Exchange Ratio.

The Combined Company will operate under the name Neuronetics, Inc. and continue trading on the NASDAQ Global Market under the ticker “STIM.” Both Neuronetics and Greenbrook expressed enthusiasm about the future prospects of the merger, emphasizing their shared commitment to improving mental health care.

For former Greenbrook Shareholders, instructions were provided regarding the completion and submission of the letter of transmittal to Computershare Investor Services Inc. to receive entitlements related to the transaction.

Advisors for the transaction were highlighted, with Canaccord Genuity and Ballard Spahr LLP advising Neuronetics, and A.G.P./Alliance Global Partners and Torys LLP advising Greenbrook.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Qurate Retail’s 8K filing here.

About Qurate Retail

Qurate Retail, Inc, together with its subsidiaries, engages in the video and online commerce industries in North America, Europe, and Asia. The company markets and sells various consumer products primarily through merchandise-focused televised shopping programs, Internet, and mobile applications. It also operates as an online retailer offering women's, children's, and men's apparel; and other products, such as home, accessories, and beauty products through its app, mobile, and desktop applications.