On March 09, shares of TDH Holdings Inc. (PETZ) continued to move forward with a further gain of 7.10% in the after-hours. The stock had been bullish in the prior regular trading s well. The stock seems to be on a path to recovery after it plunged down to a new low the day before. There is no recent announcement or SEC filing from the company.
In the regular trading session on Wednesday, the stock added 9.74% at its closing price of $0.3436 per share. The volume of the shares traded during the session remained above the average at 40.8 million shares. PETZ continued to rise in the following after-hours session as it added a further $0.02 or 7.10%. Hence, the stock reached a price of $0.3680 per share in the after-hours on Wednesday.
The pet food products developer and seller, TDH Holdings Inc. is based in China. Founded in 2002, the company has a market capitalization of $20.07 million.
What Happened to PETZ?
On February 25, the company had announced a non-compliance letter from Nasdaq due to its bid price. Following this, the stock entered a downtrend which ended on it reaching a new low of $0.2950 on March 08. Since there is no other news as of recently, the stock seems to have rebounded due to the low price. It seems investors found the low price as a good opportunity to stock up. Thus, the stock rebounded on Wednesday and continued to rise in both the regular and after-hours sessions.
Nasdaq Non-Compliance Letter
On February 25, the company announced receiving a notification letter from Nasdaq due to its non-compliance with the listing Rule 5550(a)(2). The company’s share price had been below the minimum bid price requirement of $1.00 per share for consecutive 30 days. Thus, Nasdaq provided the company with a grace period of 180 days till August 22, 2022, for regaining compliance. The company will regain compliance if its shares close on or above $1.00 per share for 10 consecutive days within the provided period.
Furthermore, if the company failed to regain compliance within the due period, it may be eligible for an extension. Presently, PETZ is considering various options for regaining compliance.
PETZ’ H1 Fiscal 2021
In the first half of 2021, the company reported a net loss of $0.94 million or $0.02/share against $0.60 million or $0.01/share in the comparative period of 2020.
PETZ had revenue of $0.13 million in the first half of 2021, which marked a decline of 52.46% YOY
