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Beneficient (NASDAQ:BENF) shares jumped 46.54% in after-hours trading on Thursday to $0.82 after the Nasdaq Hearings Panel notified the company that it had regained compliance with two listing requirements, according to a Form 8-K filing.
Check out the current price of BENF stock here.
The Texas-based company received notice on Wednesday that it complied with Nasdaq Listing Rules 5250(c)(1), which requires periodic filings, and Rule 5550(b), which requires listed securities to have a minimum market value of $35 million.
Beneficient remains noncompliant with Nasdaq Listing Rule 5550(a)(2), requiring a minimum $1.00 bid price per share.
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The notice advised that the company must regain compliance within the extension period granted by the Panel.
Beneficient stated it intends to ask shareholders for approval to split Class A and Class B common stock in reverse.
The fintech believes that the reverse stock split will enable them to meet the bid price requirement during the extension period.
Beneficient's 52-week trading range is $0.22 to $2.36, with a market capitalization of $62.23 million.
The stock is down 22.44% year to date but has gained 99.43% over the past six months.
Price Action: According to Benzinga Pro data, Beneficient shares fell 10.3% to $0.56.
With a strong Momentum in the 80th percentile, Benzinga’s Edge Stock Rankings indicate that BENF has a positive price trend across all time frames. Know how its momentum lines up with other well-known names.
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Photo Courtesy: Jose Mario Bertero on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: BENF
