Clover Health threatened with Nasdaq delisting again

The Nasdaq is warning Clover Health, again, that it could get delisted from the exchange after its stock price fell below $1 per share for 30 consecutive days.

If it sounds like deja vu, it is. The insurtech was similarly warned this time last year, before the company reported it achieved compliance in July when its stock price finished above $1 per share for 10 straight days.

Clover Health had scheduled a shareholder's meeting announcing the company's intent to initiate a reverse stock split, but Clover regained compliance organically, so no vote took place.

The company once again has 180 days, or until Sept. 30, to regain Nasdaq compliance. Clover said it will "consider all available options to regain compliance," including reverse splitting its stock.

If Clover cannot meet the Sept. 30 deadline, the company may be able to transfer to the Nasdaq Capital Market.

Its stock price, down more than 11% over the last year, is currently selling around $0.75 per share. The company's most recent stock peak was $1.56 per share in August, tailing off dramatically since its historical highs in 2021 of around $16 per share.

CEO Andrew Toy has been bullish in recent weeks over the insurtech's future. Notably, he is optimistic the recent Medicare Advantage rate cut will be a positive for Clover, despite most other health plans voicing their outrage over the regulatory change from the Centers for Medicare & Medicaid Services.

Clover recently exited the ACO Reach program and announced a new partnership with Quartet Health to treat members suffering from serious mental illness.

In its most recent earnings report, Clover posted an adjusted EBITDA loss of $19.1 million in the fourth quarter and a medical cost ratio of 81.2%.