The Nasdaq Stock Market notified Ambassadors International, parent of Windstar Cruises, that it can continue listing its stock.
The decision was based on Ambassadors having to prove it had a closing bid price of at least $1 per share for a minimum of 10 consecutive trading days by Sept. 10.
The panel also approved Ambassadors’ request to transfer its common stock trading from the Nasdaq Global Market to the Nasdaq Capital Market, a move that is subject to approval by the Nasdaq Listing Qualifications Department. The transfer is expected to become effective on Sept. 17.
Ambassadors faced the threat of being delisted after Nasdaq found the company to be noncompliant with two listing requirements: the $1 minimum bid price and a minimum stockholders’ equity of $10 million.
In July, the panel granted the company’s request for a Sept. 10 extension to regain compliance. In order to do so, Ambassadors did a reverse split of its common stock on Aug. 23.
Ambassadors remains noncompliant with the $10 million equity requirement, which is why it requested to transfer the listing to the Nasdaq Capital Market, where the requirement is $2.5 million.
Assuming approval of the its transfer application, Ambassadors expects it will be eligible for listing on the Nasdaq Capital Market.