HOUSTON -- Tidel Technologies has received approval from The Nasdaq Stock Market to transfer its listing from the National Market to the SmallCap Market, effective at the opening of business March 22. Tidel said its trading symbol will remain "ATMS."
Interim Chief Executive Officer Mark K. Levenick said the voluntary transfer, which will be transparent to Tidel shareholders, will give the company the longest possible grace period to regain compliance with Nasdaq's minimum bid price requirement of $1 per share.
Tidel has until August 13 to resume trading above $1 per share. If it does not meet the minimum share price requirement by the August deadline, then Nasdaq will grant the manufacturer an additional 180-day grace period if it continues to meet other SmallCap Market initial listing criteria, according to Tidel.
On March 22, the stock was up 22.5 percent to 49 cents per share.
