Sears Canada receives Nasdaq letter on minimum bid price requirement
Sears Canada said in a regulatory filing that, on June 13, 2017, it received notice from the Listing Qualifications Department of the NASDAQ Stock Market LLC indicating that the company's shares have not closed at the minimum bid price requirement of $1.00 per share, as set forth in the NASDAQ Listing Rule 5450a1, because the closing bid price for the company's common shares has been below US$1.00 for 30 consecutive business days. The notification has no immediate effect on the listing or trading of the company's common shares on the NASDAQ Global Market and the common shares will continue to trade under the symbol "SRSC." The company has a grace period of 180 calendar days, or until December 11, 2017, to regain compliance with the minimum closing bid price requirement for continued listing. If at any time during the compliance period the closing bid price of the Company's common shares is at least $1.00 per share for a minimum of ten consecutive business days, NASDAQ will provide the company with written confirmation of compliance and the matter will be closed.