Smith Micro Software Inc. has regained compliance with the NASDAQ Stock Market’s minimum bid price requirement, the Aliso Viejo company announced today.
Its share price has been above $1 for 10 consecutive business days, thanks in part to a reverse stock split initiated this month that reduced the number of outstanding shares of common stock from about 49.3 million to 12.3 million.
Shares were down 4.1% at the close of trading today to a market value of about $118.2 million.
Smith Micro’s share price had languished under $1 for the better part of a year, prompting NASDAQ to issue a written notice on Sept. 15 informing the company that it hadn’t met listing standards.
The company this month acquired iMobileMagic for about $570,000. The Portuguese company develops consumer applications that monitor children, the elderly and others who require care.
