Stein Mart (Jacksonville, Fla.) announced Monday that it does not meet the requirements for trading on the stock exchange and has been put on notice by Nasdaq (New York), Retail Dive reported.
Stein Mart’s stock closed at less than $1 for more than a month, which prompted the notice from Nasdaq.
The discount department store has until January of next year to recover, necessitating its stock to close at more than $1 for 10 consecutive days.