RedCloud Holdings (RCT) Rallies Over 18% After-Hours: What’s Going On?

RedCloud Holdings plc (NASDAQ: RCT) shares surged 18.40% to $0.13 in after-hours trading following the announcement of a Nasdaq delisting determination due to a failure to meet the minimum bid price requirement of $1 per share. The company has requested an oral hearing to contest the delisting, which will temporarily stay any suspension. RedCloud plans to submit a compliance plan, including a reverse stock split, with a shareholder vote scheduled for October 30. The company currently has a market capitalization of approximately $7.85 million and has seen a 93.76% decline in stock value over the past year.