Sify Technologies Limited (NASDAQ: SIFY), India’s most comprehensive ICT solutions provider with global service capabilities spanning Networks, Data Centers, Cloud, Applications Management, Managed services and Systems integration, today announced receiving a letter from NASDAQ confirming that it has regained compliance with the minimum bid price rules.
On April 23, 2020, NASDAQ had notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of The NASDAQ Stock Market.
Further, NASDAQ, in the said communication, had provided the company a compliance period of 180 calendar days in which to gain compliance. The letter also states that if at any time during this tolling period or 180 day period the closing bid price of the Company’s security is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide a written confirmation of compliance and the matter will be closed .
Since then, NASDAQ has determined that for the last 10 consecutive business days, from July 30 to August 12, 2020, the closing bid price of the Company’s common stock has been at $1.00 per share or greater.
In a letter dated August 13, 2020, NASDAQ notified Sify has regained compliance with Listing Rule 5550(a)(2) of the Minimum Bid price rule.