Hexo Corp. has regained compliance with the Nasdaq’s minimum bid price, allowing the Canadian cannabis company to continue listing its shares on the U.S. stock exchange.
Quebec-headquartered Hexo said it received notice of the renewed compliance on Thursday after its shares closed above $1 for 10 consecutive business days.
“We’re pleased the market is starting to recognize the strides we’ve made this year to position Hexo for long-term success,” the company’s president and CEO, Charlie Bowman, said in a statement.
“We’ve kept a tight focus on resetting the organization for profitable growth and remain dedicated to delivering a premium cannabis experience.”
Nasdaq warned Hexo about its low share price in January 2022, allowing the company time to regain compliance with the exchange’s $1 minimum bid price rule.
Hexo announced it was consolidating its shares on a 14-to-1 basis in December 2022.
The company’s Nasdaq-listed shares (HEXO) closed at $1.49 on Thursday.
Hexo also consolidated its shares on the Toronto Stock Exchange.