Bruush Oral Care Inc. company claims to be on a mission that wants to help people smile brighter and healthier. It is an oral care company that was founded in 2018.
The company offers a sonic-powered electric toothbrush kit and brush head refills. The company claims that its products are better than the competitors in three ways: Firstly, they are more affordable for the same quality; secondly, they have a sleek design that looks good on the counter; and thirdly, they have a convenient subscription program that delivers new brush heads to the customers’ doorsteps.
Basically, Bruush aims to be the oral care brand of choice for millennials and Generation Z by creating relevant experiences and content.
Can it Meet NASDAQ Listing Criteria by 2023 End?
As per the press release on the Accesswire website, Bruush Oral Care Inc. (NASDAQ: BRSH) announced on October 5th, 2023, that it can continue to be listed on Nasdaq.
Furthermore, the Company had previously received a letter from the Nasdaq, saying that the company did not have enough stockholder equity to stay listed on the Nasdaq Capital Market, as required by the Nasdaq criteria of Listing Rule 5550(b)(1).
Bruush appealed this decision and presented its plan to increase its stockholder’s equity to a Nasdaq Hearings Panel on September 21, 2023. On October 2, 2023, it received a notice from Nasdaq which said that the Panel has given the Company an extension until December 31, 2023, to meet the requirement.
On the same day, the company announced that it raised about $5.0 Million from a private placement, which will help to improve its balance sheet and stockholders’ equity.
The news is a positive sign that the Company is trying to show progress in improving its financial situation and a hard effort to meet the Nasdaq listing requirements. This could boost the confidence of the investors and increase the demand for the stock, leading to a higher price.
What Charts Show in the Stock Price?
BRSH stock price at press time was $0.1715 and an intraday loss of 8.73%. The BRSH stock’s average volume for the last 10 days is 2.122 Million and its current volume is 1.047 Million. The BRSH stock has a float of 1.356 Million shares and a market cap of $299.605K.
It looks like the BRSH stock could surge soon, as a bullish pattern known as declining wedge is building up in the longer trend analysis on the chart. This could unleash its potential to topple the resistance level and soar to new zeniths, if it succeeds to surpass Nasdaq listing criteria by 2023.
To rise, the price needs more bull buying power. Moreover, if buyers boost more, the BRSH stock might surge strongly from the current level and surge above the parallel channel. The possible targets are between $0.20 and $0.30.
On the contrary, if BRSH stock fails to hold its grip and breaches below $0.10, then it may hit $0.05.
Currently, BRSH stock is trading below the 20, 50, 100, and 200 EMAs. This is rejecting the price as the stock faced massive consequences led by a streak of negative balance sheet reports. This stretched the BRSH stock price downtrend for a prolonged period of time.
Nevertheless, if buying volume increases due to the future plans, it submitted to Nasdaq, the price might support bullish momentum by making higher highs and lows. Hence, the BRSH price is expected to move upward giving a bullish outlook over the daily time frame chart.
Summary
Bruush announced on October 5th, 2023, that it can continue to be listed on the Nasdaq. BRSH stock could surge soon, as the chart shows the declining wedge. This could unleash its potential to topple the resistance level and soar to new zeniths, if it succeeds to surpass Nasdaq listing criteria by 2023.
Technical Levels
Support Levels: $0.10 and $0.05
Resistance Levels: $0.20 and $0.30
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/11/15/bruush-oral-will-nasdaq-panel-allow-brsh-stock-to-stay-listed/