Purple Innovation receives Nasdaq delisting notice over market cap rule breach

Purple Innovation's market value of publicly held shares fell below the $15 million Nasdaq minimum for 30 consecutive business days, triggering a delisting notice. The company has 180 days to restore compliance or face mandatory delisting, which materially increases execution and refinancing risk and typically pressures equity holders.

Purple's stock has become so small (market cap below $15 million) that Nasdaq is threatening to remove it from the exchange. The company has 6 months to fix this or get delisted.