Pingtan Marine Enterprise Ltd. (PME) stock slightly surged in the after hours trading after the company announced receiving a notification from NASDAQ in a press release. The stock of Pingtan Marine Enterprise Ltd. (PME) traded at $0.6350, with the gain of 1.60%. Previously, the stock closed at $0.6250 at the end of the last trading session.
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Reason for the stock gain
Pingtan Marine Enterprise Ltd. (PME) is a China-based fishing company that announced in a press release that they have received a notification from NASDAQ about the minimum price requirement. The share price of the Pingtan Marine Enterprise Ltd. (PME) stock is below $1.0 per share. The Pingtan Marine Enterprise Ltd. (PME) requested to grant them 180 days extension period to regain compliance with NASDAQ’s minimum bid price requirement.
The deadline to regain compliance with NASDAQ’s Bid Price Rule is 27t June 2022. The notification will have no direct effect on the listing status of the Pingtan Marine Enterprise Ltd. (PME) common shares. The company has to make sure that the price of its stock crosses the $1.00 per shares benchmark for at least 10 consecutive business days. If its stock maintained its value at $1 or more than it, the matter will be closed. The company will also look for other various options available to achieve compliance if the price of the common share doesn’t reach the required benchmark.
Effect on the stock
After the news hit the market, the stock of Pingtan Marine Enterprise Ltd. (PME) gained slightly in the current market. Investors are responding positively to the news and but the share price will take its time to regain its value.
Conclusion
The upcoming six months are important for the stock of Pingtan Marine Enterprise Ltd. (PME). They need to announce a major development in the course of the company’s vision so that the investors take interest in the stock of PME. This could result in the price of the share crossing the $1.00 per share mark.
