Geerlings & Wade have been notified by Nasdaq that its stock may be delisted for noncompliance with a marketplace rule.
The company’s common stock has closed below the minimum $1 per share requirement for continued listing on the NASDAQ SmallCap, the company said in a statement.
The company will be provided 180 days, or until Feb. 26, to regain compliance, requiring the stock price to close at $1 per share or more for a minimum of 10 consecutive days.
In July, the firm’s president and CEO David R. Peace was asked to step aside and has been replaced by Huib E. Geerlings as interim president and CEO. The company has suffered lower sales and greater losses than expected.
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