Monster Digital Inc. received notice from the Nasdaq that it was out of compliance on meeting the $2.5 million stockholder equity required for listing on the market.
The Simi Valley developer and distributor of action sport and virtual reality cameras has until June 1 to submit a plan on how it will increase the equity. If the plan is accepted, Monster could be granted another 180 days, or until Oct. 14, to reach compliance.
The notification does not affect the listing of Monster’s common stock or warrants at this time, the company said.
Shares in Monster (MSDI) closed Tuesday down 8 cents, or more than 7 percent, to 96 cents on the Nasdaq.