.jpg){kind=link}
Six months ago, Nasdaq set one condition for Rain Enhancement Technologies: bring the company's total market value above $35 million, or lose the listing. The deadline was August 17. The company did not meet it.
On August 18, the exchange told the company its stock would be suspended and delisted starting August 27 unless it requested a panel hearing. The company filed that request three days later, on August 21, according to an 8-K filed with the SEC. The hearing request is expected to stay any suspension while the panel deliberates.
For shareholders, the hearing is now the only decision point that matters. If the panel rules in the company's favor, trading continues while the company works toward compliance. If it does not, both the common shares and the company's warrants would be removed from the exchange. The company said it is "considering all options" to regain compliance, without naming them.
Shares closed 26.13% higher at $1.1700 on August 26, after the filing, on dollar volume of about $2.3 million.
The company's filing acknowledged there is no assurance the panel will grant the request, or that the company can achieve compliance within any timeframe the panel allows.