The regulatory relief arrives months after the company first fell out of compliance in February. While the stock has more than doubled in value throughout the year, the firm faces lingering hurdles. Netcapital remains non-compliant regarding its financial reporting obligations, having failed to file its annual report for the fiscal year ending in April alongside its most recent quarterly statement.
In section Market Quotes
Netcapital Stock Surges After Nasdaq Compliance Win
Netcapital shares climbed 37% to $2.19 in after-hours trading Wednesday, marking a rebound for the Boston-based fintech firm. The jump followed official confirmation from Nasdaq that the company has successfully satisfied the exchange's minimum bid price requirement after maintaining a share price of at least $1 for ten consecutive sessions.
To address these outstanding filings, the company committed to submitting a remediation plan by October 23. Management has appointed Adeptus Partners to audit financial statements spanning 2022 through 2026, a move necessitated by the decision that prior financial records should no longer be relied upon. This transition in oversight follows the resignation of the firm's previous auditor, Fruci & Associates, in August.
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