Oblong Inc. OBLG shares are surging Thursday. The significant jump follows the company's announcement that it has regained compliance with Nasdaq's minimum bid price requirement.
What To Know: After its stock price remained above $1.00 per share for 10 consecutive business days, Nasdaq notified Oblong that the company had successfully met the minimum bid price requirement under Listing Rule 5550(a)(2). The issue, which had placed the company at risk of delisting, has now been resolved, closing this chapter of concern.
What Else: Peter Holst, CEO of Oblong, expressed satisfaction with the outcome, noting, "We are pleased to report that Oblong is now back in full compliance with Nasdaq’s listing requirements." As of June 30, 2024, the company reported $5.9 million in cash and no outstanding debt, which Holst emphasized provides liquidity through the first half of 2026.
The CEO also highlighted Oblong’s ongoing focus on exploring inorganic growth opportunities, such as mergers and acquisitions (M&A). The company is actively evaluating various strategic alternatives, including a potential business combination, reverse merger or outright sale. Each of these options aims to enhance Oblong’s long-term growth and value creation.
OBLG Price Action: Oblong shares were up by 43.7% at $4.83 according to Benzinga Pro.
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