Sify Technologies Ltd. announced that it has regained compliance with the Nasdaq minimum bid price requirement for continued listing. The company received a notification letter from Nasdaq on October 18, 2024, confirming this compliance.
The compliance was achieved after the company effected a 1-for-6 ratio change of its American Depositary Shares (ADSs), which became effective on October 4, 2024. Following this, the closing bid price of Sify's ADSs was at or greater than the $1.00 minimum requirement for 10 consecutive business days, from October 4, 2024, to October 17, 2024.
This development closes the matter of non-compliance, which Sify had been notified about in July 2024. The company's continued listing on the Nasdaq Stock Market is now reaffirmed.
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