MINNEAPOLIS Granite City Food & Brewery Ltd., parent to 26 restaurants in 11 states, began trading on the Nasdaq Capital Market on Monday and said it may consider a reverse stock split to increase its common share value and again meet Nasdaq’s $1 per share requirement.
The casual-dining company previously listed its common stock on the Nasdaq Global Market. However, it received a notice in October that the market value of the restaurant company’s publicly held shares fell below the exchange’s minimum requirement of $15.0 million, and therefore faced delisting. Instead of trying to maintain listing on that market, Granite City elected to move its listing to the Capital Market, which holds a lower market capitalization threshold for inclusion.
The company still has until Jan. 29 to regain $1 per share in trading, which is required on any Nasdaq market. The company said it would explore a reverse stock split. Granite City’s common stock has traded between 14 cents and 80 cents per share over the past 52 weeks.