FalconStor Software Inc., a Melville provider of data protection software and services, has received a delisting notification from the Nasdaq Stock Market LLC, the company said in a government filing Tuesday.
The Nasdaq letter, received Nov. 22, said that FalconStor was out of compliance because its stock price was below $1 per share for 30 consecutive business days.
The Nasdaq letter said that FalconStor will have 180 days, until May 22, to regain compliance with the minimum $1 price requirement. A second 180-day compliance period could be granted under certain conditions.
FalconStor shares fell 6 percent Tuesday and edged down 0.8 percent Wednesday to close at 55 cents on the Nasdaq Capital Market. Shares of FalconStor, which has a market capitalization of about $24 million, have lost 70.7 percent in 2016.
Dan Murale, vice president of finance and interim chief financial officer, said the company had no comment beyond what was included in the government filing.