Orangekloud (NASDAQ: ORKT) appeals Nasdaq delisting after bid price breach
Rhea-AI Filing Summary
Orangekloud Technology Inc. has received a Nasdaq Staff Delisting Determination because its shares have failed to meet Nasdaq’s Minimum Bid Price Rule, which requires a bid price of at least $1.00 per share for 30 consecutive business days. The company is not eligible for a new 180‑day grace period because it previously cured a similar deficiency with a reverse stock split within the past twelve months.
Orangekloud plans to appeal by requesting an oral hearing before a Nasdaq Hearings Panel. Once this request is filed, delisting and any trading suspension will be stayed while the Panel reviews the case, and the shares are expected to continue trading on the Nasdaq Capital Market under the symbol “ORKT”. The company will submit a written compliance plan and seek a limited-time exception, but there is no assurance the Panel will approve the plan or that the measures will successfully restore compliance.
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Insights
Nasdaq delisting process begins for ORKT, with appeal pending.
Orangekloud has triggered Nasdaq’s delisting process after its share price stayed below the $1.00 minimum bid requirement for 30 consecutive business days. Because it used a reverse stock split within the prior twelve months to cure a similar issue, it cannot access a new 180‑day grace period.
The company intends to request an oral hearing before a Nasdaq Hearings Panel under Rule 5815. Filing this request will stay any trading suspension or delisting action while the Panel reviews Orangekloud’s written compliance plan and decides whether to grant a time‑limited exception.
The company explicitly warns there is no assurance the Panel will approve its plan or that any remedial steps will succeed. Until a decision is reached, the shares are expected to continue trading on the Nasdaq Capital Market under the symbol ORKT, and future company filings may detail any actions taken to regain compliance.
FAQ
Why did Orangekloud (ORKT) receive a Nasdaq delisting notice?
Is Orangekloud (ORKT) currently being delisted from Nasdaq?
Why is Orangekloud (ORKT) not eligible for a 180-day grace period?
Will Orangekloud (ORKT) shares continue trading on the Nasdaq Capital Market?
What steps is Orangekloud (ORKT) taking to regain Nasdaq compliance?