Six months after FaZe Clan became a public company, it could be in danger of being delisted
Things are not looking good for FaZe Clan’s market value. The organization of esports professionals and gaming influencers began trading on Nasdaq (a US-based exchange) last July and has become one of only a few esports companies on the market.
But just six months later, the stock falls, and then falls even more.
In fact, as of this writing, the stock is trading at $0.75 per share (see header above).
Meanwhile, FaZe Clan shares were trading at their peak at $20 per share, but that was in August.
With this downward trend, FaZe is now in danger of being delisted from the Nasdaq.
As reported by Dexertoif a company trades below the required closing price of $1.00 for 30 consecutive business days – something FaZe Clan has been doing for the past few days now – it will receive a deficiency letter from Nasdaq.
Any company receiving such notice will be given a “compliance period” which lasts 180 days. During that period, the listing would have to maintain “a closing bid price of $1.00 or more for 10 consecutive business days.”
“If a company is unable to remedy its offer price deficiency during the applicable performance period, Nasdaq’s staff will issue a delisting letter,” Nasdaq states.
Aside from its foray into the stock market, FaZe Clan has been plagued by several controversies over the years. In 2021, a member was kicked out for a crypto scam. Meanwhile, FaZe Clan member Cented was kicked out last year for using offensive and discriminatory language.
https://www.eurogamer.net/six-months-after-becoming-a-publicly-traded-company-faze-clan-could-be-at-risk-of-being-delisted Six months after FaZe Clan became a public company, it could be in danger of being delisted