Trident seeks hearing with Nasdaq to keep stock from being delisted

The Nasdaq has notified Trident Digital Tech Holdings it will delist its stock in Thursday, May 7 for failing to meet the minimum closing bid price of $1.00 over a ten-day stretch at any point in the last six months. Trident announced its plan to request a hearing by Tuesday to forestall the action.

Trident is not eligible for a second 180-day window to regain minimum price compliance because it doesn’t meet a $5 million stockholders’ equity requirement.

Shares in Trident are now trading well above the minimum, however, after the company changed the ratio of its American Depository Shares to its Class B ordinary share and executed a 1-for-30 reverse share split.

The company is implementing the Democratic Republic of Congo’s digital ID, the DRCPass,  and raised millions of dollars for the project last September.

Article Topics

biometrics  |  digital ID  |  stocks  |  Trident