Rotech hangs by a thread
The NASDAQ hasnâ€™t given up on Orlando-based Rotech Healthcareâ€”yet.
On Feb. 21, the NASDAQ approved Rotech's application to transfer from the stock marketâ€™s Global Market to Capital Market listing, according to a Feb. 25 Securities and Exchange Commission (SEC) filing. The provider began listing on the Capital Market, under the same symbol (ROHI), Feb. 27. The Capital Market has less restrictive continued listing requirements, including a $1 minimum bid price requirement.
The NASDAQ notified Rotech on Nov. 16 that it was in danger of being delisted from the stock market for not meeting a minimum market value of $15 million. The provider, which today is valued at $12.21 million, had until Feb. 18 to regain compliance. Rotech filed an application to transfer to the Capital Market listing on Feb. 8.
According to the SEC filing: â€œAs previously reported, the company is currently not in compliance with the $1 minimum bid price requirement under NASDAQ Marketplace rules. The delisting of the companyâ€™s common stock would likely have a material adverse effect on the trading price, liquidity, volume and marketability of the companyâ€™s common stock.â€
Rotechâ€™s stock is currently trading at 48 cents per share.