Snail, Inc. can keep its Class A Common Stock listed on Nasdaq’s Capital Market if it reaches at least $2,500,000 in stockholders’ Equity and submits required disclosures. The decision matters because failing those conditions would cause the company’s securities to be Delisted from Nasdaq, while continued trading remains conditional.

Key Highlights

  • Snail’s Class A Common Stock has a Par Value of $0.0001 per share.
  • Nasdaq’s minimum closing bid price requirement is $1.00 per share.
  • The Nasdaq Hearings Panel held a hearing on Aug 13 after earlier listing concerns.

Snail, Inc. (NASDAQ: SNAL) will keep its Class A Common Stock on Nasdaq’s Capital Market if it reaches stockholders’ equity of at least $2,500,000 and makes the required public disclosures. The conditional extension allows continued listing and trading during the prescribed period, subject to the Nasdaq Hearings Panel’s terms.

$2,500,000 Equity Threshold Sets Listing Condition

The Panel issued its written decision on Aug 26, granting Snail’s request to remain listed on The Nasdaq Capital Market. Snail must also promptly notify the Panel about significant events that could affect compliance or raise questions about its ability to meet the decision’s conditions. The Panel reserved the right to reconsider the exception if circumstances arise that make continued Nasdaq listing inadvisable or unwarranted.

Delisting Risk Remains If Conditions Are Missed

The Nasdaq staff later confirmed on Jul 21 that Snail had regained compliance with that requirement following a Reverse Stock Split completed on Jul 2. The company presented its plan to address the Equity Rule at an Aug 13 hearing. Snail said it is working to regain compliance, but any compliance submission will be reviewed by the Panel.

Peers Moving on This News