Monster Digital Inc. has received an extension from Nasdaq to gain compliance with the exchange’s minimum stockholder equity requirement.
The Simi Valley developer and distributor of action sports and virtual reality cameras and accessories has until Oct. 16 to meet the $2.5 million requirement of stockholder equity and other Nasdaq listing rules. The company received notice from Nasdaq in April on its non-compliance.
Nasdaq, in New York, has approved two alternative plans submitted by the company that would have it return to compliance, but both involve a transaction or stock purchase that would allow it to meet the stockholder equity requirement.
If Monster Digital fails to give evidence of compliance on forms filed with the Securities & Exchange Commission and Nasdaq, it would face delisting from the market.
Shares of Monster (MSDI) closed Wednesday up 7 cents, or nearly 15 percent, to 54 cents.