Eastern International Ltd. (NASDAQ: ELOG) received a deficiency notice from the Nasdaq Stock Market. The company's stock failed to maintain a closing price of at least $1.00. This price deficiency persisted for 30 consecutive business days.
The notification does not trigger an immediate delisting of the company’s shares. Nasdaq granted Eastern International a 180-day grace period to regain compliance. This period extends until March 9, 2027.
The stock must maintain a closing bid price of $1.00 or higher to meet requirements. This price level must be held for at least 10 consecutive business days. Management is currently monitoring the share price and evaluating options to resolve the deficiency.