NextPlat (NXPL) said late Monday it received a notice from Nasdaq for non-compliance with the minimum bid price rule, as its common shares have closed below $1 for 30 consecutive business days.

The company said it has until Oct. 27 to regain compliance by maintaining a closing bid price of at least $1 for 10 consecutive business days. Failing to do so, it may qualify for a second 180-day extension, subject to meeting other Nasdaq listing requirements and notifying the exchange of its plans to resolve the issue.

NextPlat said it will monitor its stock price and evaluate potential options to regain compliance.