Springbig Holdings, a Florida-based marijuana marketing and loyalty software company, delisted from the Nasdaq stock exchange and has moved to the OTCQX, the top tier of the over-the-counter markets.
Springbig was warned by the Nasdaq in January that it wasn’t in compliance with the exchange because the company’s share price was below $1.
The company wasn’t able to regain compliance by its extended deadline of May 8.
The Nasdaq warning came a month after Springbig cut almost a quarter of its workforce in a bid to regain profitability.
“We are pleased that having our stock quoted on the OTCQX® Best Market provides our investors with continuing access to a highly regarded, SEC-regulated public market,” Springbig Chief Financial Officer Paul Sykes said in a statement.
“The transition will allow us to reduce the costs and complexities of being a publicly listed company and thereby contributes towards our stated objective of generating positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the second half of the fiscal year.”
Meanwhile, three members of Springbig’s board of directors – Steven Bernstein, Patricia Glassford and Amanda Lannert – resigned from the board, effective immediately, according to the release.