REED - Reed's plunges 15% on transition from the Nasdaq to OTCQX $2.5M bridge financing
- Reed’s ( NASDAQ: REED ) said it would transition from the Nasdaq Capital Market to the OTCQX US Market after it failed to gain compliance with Nasdaq listing rule.
- ( REED ) is trading 15.5% lower after the bell.
- Reed’s was given until February 13, 2023 to regain compliance with Nasdaq’s bid price rule and the minimum stockholders’ equity rule for continued listing. However, it was unable to do so.
- Reed’s move to the OTCQX is in lieu of launching a dilutive capital raise.
- Reed’s also announced the close of a bridge financing with Whitebox Advisors for net proceeds of about $2.5M.
- Press release
For further details see:
Reed’s plunges 15% on transition from the Nasdaq to OTCQX, $2.5M bridge financing