Canadian diamond miner Mountain Province is no longer complying with the minimum bid price requirement of the Nasdaq and has until February 10 to regain compliance with the stock exchange’s listing rules.
Based on the closing bid price for the last 30 consecutive business days from June 28 to August 12, the 49%-participant in the Gahcho Kué mine in Canada is not in compliance with the minimum bid price of $1 a share.
In order to regain compliance, the miner’s common shares have to close at $1 a share or more for at least ten consecutive trading days. Should the company fail, it could face delisting from the Nasdaq.
The share price of Mountain Province, which is also listed on the TSX, has been under pressure on the Nasdaq since early this year, as a downturn in prices for lower quality diamonds has hammered a number of diamond juniors.
Mountain Province’s 52-week low on the Nasdaq is $0.80 a share and its 52-week high is $2.30 a share.