3E Network Technology Group Ltd. (NASDAQ:MASK) shares soared by 22.52% in after-hours trading on Tuesday, reaching $0.70
Check out the current price of MASK stock here.
This increase happened despite recent regulatory challenges from Nasdaq.
Nasdaq Compliance Challenge
The Hong Kong-based business-to-business (B2B) IT solutions provider received a deficiency letter from NASDAQ’s Listing Qualifications Department on September 25. The notice highlighted non-compliance with the minimum bid price requirement of $1.00 per share, based on closing prices between August 13 and September 24.
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Compliance Timeline and Options
MASK has until March 24, 2026, to regain compliance, with 180 calendar days to do so. The company can address the issue by maintaining a closing bid price of $1.00 or more for 10 consecutive business days.
A reverse stock split is also an option, as long as it’s completed at least 10 business days before the deadline.
The company stated its business operations remain unaffected and it will monitor bid prices while evaluating compliance strategies.
Market Fundamentals Under Pressure
3E Network has a market capitalization of $6.48 million and a price to earnings ratio of 3.33. Shares have dropped by 82.42% over the past year, with a 52-week range between $0.47 and $4.19.
The average daily trading volume is 1.13 million shares.
Price Action: According to Benzinga Pro data, MASK closed at $0.57 on Tuesday, marking a loss of 0.61%.
Benzinga’s Edge Stock Rankings indicates MASK has a Value score of 89.05. Monitor the performance of other companies in this sector.
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