Lazydays Holdings, Inc. (NASDAQ:GORV), a company specializing in the retail of recreational vehicles and related services, has been notified of non-compliance with Nasdaq's minimum bid price requirement. The notice, received on Thursday, January 23, 2025, indicated that the company's stock had closed below the required $1.00 minimum bid price for 30 consecutive business days. The stock has experienced a dramatic 84% decline over the past year, currently trading at $0.84, significantly below its 52-week high of $5.29.
The current status of Lazydays Holdings' listing on the Nasdaq Capital Market remains unaffected, and its common stock continues to be traded under the ticker symbol "GORV". To regain compliance, Lazydays has until July 22, 2025, to elevate its stock price to meet or exceed the $1.00 threshold for at least 10 consecutive business days. According to InvestingPro analysis, the company's financial health score is rated as WEAK, with the stock currently trading below its Fair Value.
Should the company fail to meet the Nasdaq's criteria by the initial deadline, it may be granted an additional 180-day period to achieve compliance. However, this extension would necessitate meeting all initial listing standards, except for the bid price, and potentially implementing measures such as a reverse stock split.
With a significant debt burden of $548.76 million and rapidly diminishing cash reserves, as revealed by InvestingPro data, the company faces additional financial challenges beyond its listing status. InvestingPro subscribers have access to 12 more key insights about GORV's financial position and future outlook.
The company has expressed its intent to actively monitor stock performance and explore all options to address the deficiency within the allotted timeframe. Despite these efforts, there is no guarantee that Lazydays Holdings will successfully meet the Nasdaq's requirements within the 180-day period, qualify for an extension, or maintain its listing status. The company's market capitalization has shrunk to approximately $99 million, while its revenue declined by 18% in the last twelve months.
In other recent news, Lazydays Holdings, Inc., a player in the RV industry with an annual revenue of $920.77 million, announced the appointment of Jeff Needles as its new Chief Financial Officer (CFO). Needles, who previously held the CFO position at Warbird Marine Holdings, LLC, brings over two decades of financial management experience to the role. He takes over from Interim CFO Jeff Huddleston, who will transition to a consulting role to assist with the changeover.
This development comes as Lazydays is navigating significant financial challenges, including a substantial debt-to-equity ratio of 8.0. The company has recently completed a series of financing transactions and is undertaking transformational actions aimed at future growth.
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