Quantum-Si Included, an organization specializing in measuring and controlling gadgets, has acquired a discover from Nasdaq relating to non-compliance with the inventory trade’s minimal bid worth requirement. The notification, issued on Monday (NASDAQ:), signifies that Quantum-Si’s Class A standard inventory has been buying and selling beneath the $1.00 minimal bid worth for 30 consecutive enterprise days.
The corporate, which is listed underneath the ticker NASDAQ:, has been given a 180-day interval till Might 5, 2025, to deal with the problem and meet Nasdaq’s continued itemizing standards. Throughout this time, the inventory will stay listed on The Nasdaq International Market. Quantum-Si’s enterprise operations and SEC reporting obligations are unaffected by this discover.
Quantum-Si should increase its inventory’s closing bid worth to not less than $1.00 for at least 10 consecutive enterprise days to regain compliance. If unable to satisfy the requirement by the deadline, Quantum-Si might search an extra 180-day grace interval by transferring its itemizing to The Nasdaq Capital Market, offered it satisfies different itemizing requirements.
Ought to the corporate fail to conform inside the allotted timeframe or be deemed unable to rectify the bid worth deficiency, Nasdaq will subject a delisting discover. Quantum-Si would then have the choice to enchantment the choice earlier than a Nasdaq Hearings Panel.
The corporate, beforehand referred to as HighCape Capital Acquisition Corp., is exploring all attainable choices to resolve the bid worth subject and regain compliance. Nonetheless, there is no such thing as a assure that Quantum-Si will obtain the mandatory bid worth or obtain an extension from Nasdaq if wanted.
This growth relies on a latest SEC submitting by Quantum-Si.
In different latest information, Quantum-Si Included reported vital adjustments to its govt workforce, together with new appointments and a resignation. The corporate additionally introduced Q2 2024 monetary outcomes, with a income of $622,000 and a gross revenue of $354,000, sustaining a gross margin of 57%. Amidst financial challenges, Quantum-Si managed to scale back its working bills to $24.4 million on an adjusted foundation.
The corporate is about to launch two new merchandise as a part of its innovation roadmap and is increasing its gross sales workforce and distribution community. Quantum-Si’s money and money equivalents, together with investments in marketable securities, stand at $218.1 million as of June 30, 2024. For 2024, the corporate anticipates a income vary of $3.7 million to $4.2 million and goals to maintain web money utilization underneath $100 million.
InvestingPro Insights
Current information from InvestingPro sheds extra mild on Quantum-Si’s monetary state of affairs amid its Nasdaq compliance problem. The corporate’s market capitalization stands at $133.96 million, reflecting its present valuation out there. Regardless of the low inventory worth that triggered the Nasdaq discover, Quantum-Si has proven vital income progress, with a 270.81% improve during the last twelve months as of Q2 2024, and a 203.41% quarterly progress in the identical interval.
Nonetheless, the corporate faces monetary hurdles. An InvestingPro Tip signifies that Quantum-Si is “quickly burning through cash,” which might be a priority because it navigates its inventory worth points. On a constructive observe, one other InvestingPro Tip reveals that the corporate “holds more cash than debt on its balance sheet,” probably offering some monetary flexibility throughout this important interval.
The inventory’s volatility is obvious, with a 17.72% return during the last week, contrasting sharply with a -49.76% return over the previous six months. This aligns with the InvestingPro Tip stating that “stock price movements are quite volatile,” which traders ought to contemplate in mild of the Nasdaq compliance necessities.
For these in search of a extra complete evaluation, InvestingPro provides 7 extra ideas for Quantum-Si, offering deeper insights into the corporate’s monetary well being and market place.
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