Scage Future (SCAG) said Thursday it has received a notification letter from Nasdaq stating that it is not in compliance with the stock exchange's minimum bid price rule.

The rule requires listed companies to keep a minimum bid price of $1 per share, the company said, adding that a failure to meet the requirement exists if the deficiency continues for a period of 30 consecutive business days.

Scage Future said it has 180 calendar days to regain compliance with the rule.

The company said it may consider a reverse share split to regain compliance.