San Francisco-based athletic footwear brand Allbirds has confirmed that the Nasdaq stock exchange has sent it a notice of non-compliance

This happened because the price of Allbirds shares on the exchange closed at below $1 each on 30 consecutive trading days. This automatically triggered the non-compliance.

To become compliant again, Allbirds shares must close at $1 or more each on ten consecutive trading days. The footwear company has until September 30 to achieve this, although it could also ask for Nasdaq to extend that period.

Allbirds said it would monitor its share price closely but added that it had not yet taken a decision about a response.

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