DelistingJul 22, 2026, 11:17 AM
Purple Innovation avoids delisting with 1-for-25 reverse split
AI Summary
Purple Innovation, Inc. received a written decision from the Nasdaq Hearings Panel granting its request for continued listing, subject to the condition that the Company demonstrate compliance with the $1.00 bid price rule by July 31, 2026. To meet this requirement, the Company's stockholders approved a reverse stock split, which the Board subsequently fixed at a 1-for-25 ratio. The reverse stock split became effective on July 20, 2026, with shares opening at $7.12 on a split-adjusted basis. However, there is no assurance that the Company will regain compliance or that its common stock will remain listed on Nasdaq.
Key Highlights
- Nasdaq granted Purple Innovation continued listing, conditional on a $1 bid price for 10 consecutive days by July 31, 2026.
- Stockholders approved a reverse stock split to regain compliance with Nasdaq's minimum bid price rule.
- The Board fixed the reverse stock split ratio at 1-for-25.
- The reverse stock split became effective prior to market open on July 20, 2026.
- Common stock opened trading on a split-adjusted basis at $7.12 per share on July 20, 2026.
- The Nasdaq Panel reserves the right to reconsider the exception based on future events.
- There is no assurance the Company will regain compliance or remain listed on Nasdaq.
Price Impact
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