CarParts.com, Inc. Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

CarParts.com (PRTS) has successfully regained compliance with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2). The company received confirmation from Nasdaq's Listing Qualifications Department on January 16, 2025, after maintaining a closing bid price of $1.00 or higher for 10 consecutive business days from December 30, 2024 to January 14, 2025.

CEO David Meniane stated that this compliance milestone reflects market recognition of their operational execution and business potential. The company continues to focus on creating long-term shareholder value through strategic initiatives and operational excellence in their e-commerce automotive parts business.

Positive

• Regained Nasdaq listing compliance, eliminating delisting risk
• Stock price maintained above $1.00 for 10 consecutive trading days

Negative

• Previous trading below $1.00 indicated significant market weakness

News Market Reaction

-1.14%

1 alert

-1.14% News Effect

On the day this news was published, PRTS declined 1.14%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

TORRANCE, Calif., Jan. 16, 2025 /PRNewswire/ -- CarParts.com, Inc. (Nasdaq: PRTS), a leading e-commerce provider of automotive parts and accessories, today announced that it has received notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2).

The Company received written notification from Nasdaq on January 16, 2025, stating that because the Company's shares had a closing bid price at or above $1.00 per share for 10 consecutive business days, from December 30, 2024 to January 14, 2025, the Company has regained compliance with Listing Rule 5550(a)(2) and this matter is now closed.

"Regaining compliance with Nasdaq's minimum bid price requirement represents an important milestone for CarParts.com and reflects the market's growing recognition of our operational execution and business potential," said David Meniane, CEO of CarParts.com, Inc. "We remain focused on creating long-term shareholder value through our strategic initiatives and commitment to operational excellence in serving our customers with high-quality automotive parts and accessories."

About CarParts.com, Inc.
CarParts.com, Inc. is a technology-driven eCommerce company offering over 1 million high-quality automotive parts and accessories. Operating for over 25 years, CarParts.com has established itself as a premier destination for drivers seeking repair and maintenance solutions. Our commitment lies in placing the customer at the forefront of our operations, evident in our easy-to-use, mobile-friendly website and app. With a commitment to affordability and customer satisfaction, CarParts.com simplifies the automotive repair process, aiming to eliminate the uncertainty and stress often associated with vehicle maintenance. Backed by a robust company-operated fulfillment network, we ensure swift delivery of top-quality parts from leading brands to customers across the nation.

At CarParts.com, our global team is united by a shared vision: Empowering Drivers Along Their Journey.

CarParts.com is headquartered in Torrance, California.

Investor Relations:
Ryan Lockwood
IR@carparts.com

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SOURCE CarParts.com, Inc.

FAQ

What does CarParts.com (PRTS) regaining Nasdaq compliance mean for investors?

Regaining Nasdaq compliance means PRTS has met the minimum bid price requirement of $1.00 per share, eliminating the risk of delisting and maintaining access to the Nasdaq market, which is important for investor confidence and market visibility.

How long did PRTS need to maintain $1.00 share price to regain Nasdaq compliance?

PRTS maintained a closing bid price at or above $1.00 per share for 10 consecutive business days, from December 30, 2024 to January 14, 2025, to regain compliance.

When did CarParts.com (PRTS) officially regain Nasdaq compliance?

CarParts.com officially regained Nasdaq compliance on January 16, 2025, when they received written notification from Nasdaq's Listing Qualifications Department.

What Nasdaq listing rule did CarParts.com (PRTS) comply with?

CarParts.com complied with Nasdaq Listing Rule 5550(a)(2), which pertains to the minimum bid price requirement for continued listing on the Nasdaq exchange.