Low share value is compelling Rentech to voluntarily pull its common shares from the NASDAQ Capital Market, effective Oct. 16.
In an Oct. 10 news release, the company said it was in contravention of NASDAQ’s Listing Rule and would be unable to comply.
“The NASDAQ Listing Rule requires Rentech’s common shares to trade above $1 for 30 consecutive business days before Oct. 9, 2017, or 180 days from which Rentech received notification from NASDAQ regarding its noncompliance with the NASDAQ Listing Rule,” the release said.
Rentech will now transfer its shares to the OTCQB Market, which is typically reserved for early-stage and developing U.S. and international companies that are not yet able to qualify for OTCQX. Rentech shares will start trading on OTCQB on Oct. 16.
In Northern Ontario, the California company owns and operates a wood pellet mill in Atikokan. In February, it announced the closure of its Wawa mill following operating issues.
