Veea Inc. (NASDAQ:VEEA) shares jumped 49.10% to $5.77 in after-hours trading on Thursday following the announcement that the New York-based AI-driven edge infrastructure and Platform-as-a-Service (PaaS) company is now fully compliant with Nasdaq’s continued listing requirements.
In a statement released after the markets closed on Thursday, Veea will be removed from the exchange’s noncompliant list.
The stock closed at $3.87, down 17.83% in regular session, according to Benzinga Pro data.
Veea Board Changes Resolve Nasdaq Governance Deficiencies
The company said its remaining deficiencies stemmed from board and committee composition. They arose after an unexpected board vacancy following the death of independent director Douglas Maine.
Alan Black joined the Compensation Committee. Director Kanishka Roy joined the Audit Committee. Helder Antunes resigned from the board to help restore an independent majority. He remains chief revenue officer. The board now has five members.
Nasdaq confirmed on Sept. 15 that Veea had regained compliance with the minimum bid-price rule. The compliance followed a reverse stock split. The stock held a closing bid of at least $1.00 for 10 straight business days, from Aug. 31 through Sept. 14.
Trading Metrics, Technical Analysis
Veea has a market capitalization of about $12.04 million. Over the past 52 weeks, its stock has traded as high as $18.67 and as low as $1.34. The company has approximately 3.11 million shares outstanding.
VEEA has a Relative Strength Index (RSI) of 52.35.
Over the past 12 months, the stock has fallen 75.60%.
Currently, VEEA is positioned at 14.60% of its 52-week trading range.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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