Oblong Shares Surge 78% as Company Regains Compliance with Nasdaq Listing Requirements

Dow Jones09-13

By Sabela Ojea

Shares of Oblong surged after the company said that its stock regained compliance with Nasdaq's minimum bid price requirements to maintain its listing.

The stock was up 78% to $6.10 on Thursday. Shares have dropped 23% since the beginning of the year, and are down 74% over the past 12 months.

The maker of multi-stream collaboration solutions said that it has traded above $1 per share for 10 consecutive business days and Nasdaq has accordingly advised that the matter is now closed.

In March, the company said it had until Sept. 16 to meet Nasdaq's listing requirements. Last month, the company declared a 1-for-40 reverse stock split to achieve this goal.

The company also said that it believes it has enough cash to operate into the first half of 2026. As of June 30, Oblong had $5.9 million of cash and no debt.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

September 12, 2024 15:40 ET (19:40 GMT)

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