SAN MATEO, Calif. (BRAIN) — The Nasdaq Stock Market notified GoPro again on Tuesday its Class A common stock has been below the minimum bid price of $1 for 30 consecutive days, which is in violation of listing rules. It's the latest sign of a struggling action camera brand that's exploring selling or merging.
Nasdaq notified GoPro in April that its stock could be delisted for the same reason.
According to Nasdaq's Listing Rule 5810(c)(3)(A), GoPro has 180 calendar days to achieve compliance with the minimum bid price requirement, which is above $1 for a minimum of 10 consecutive days during this grace period.
GoPro said in an SEC report released Friday the noncompliance doesn't affect the listing or trading of its stock. The Friday closing price was $0.67. In the past year, it's been as high as $3.05 and as low as $0.59.
On July 8, GoPro founder and CEO Nicholas Woodman said he will provide $20 million in financing through the purchase of common stock. The financing was subject to certain closing conditions.
The Board of Directors announced on May 11 a "strategic process" after the company's first-quarter earnings were announced. Revenue declined 26% year-over-year, continuing an ongoing financial decline. In April, GoPro said as part of a restructuring plan, its global workforce would be reduced by 23%. At the end of the first quarter, GoPro had 631 employees, so about 145 will be laid off by the end of the year.
