Orion Digital Nasdaq Compliance
Nasdaq Notifies Orion Digital of Minimum Bid Price Deficiency, Granting 180 Days to Comply
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Orion Digital Corp. (NASDAQ: ORIO) has received a formal warning from Nasdaq after its shares closed below US$1.00 for 30 straight business days, triggering a minimum bid price deficiency under Nasdaq Listing Rule 5550(a)(2). The company has until December 22, 2026 — a 180-day window — to get its stock price back above the threshold or face potential delisting, according to National Post.
As of June 26, 2026, ORIO shares were trading at roughly $0.87, down from a 52-week high of $3.83. The company's shares continue to trade on both Nasdaq and the Toronto Stock Exchange under the symbols ORIO and ORIA. Orion Digital says its business operations are "unaffected" by the notice.
Shares Fell Below $1 for 30 Consecutive Days
Nasdaq requires all companies listed on its Capital Market to keep their closing bid price at or above US$1.00. When a stock falls short of that mark for 30 straight business days, Nasdaq sends a deficiency notice. Based on the June 25, 2026 notification date, Orion Digital's shares appear to have slipped below $1.00 around May 13, 2026, according to Toronto Sun.
The stock has dropped roughly 30% over the past 12 months, per Sudbury Star. Its market cap now sits at approximately US$20.62 million, with 23.71 million shares outstanding. Analysts at InvestingPro put the stock's fair value at $1.32 — suggesting the selloff may be driven more by market sentiment than by the company's fundamentals.
Company Has 180 Days to Fix the Problem
Nasdaq gives companies a 180-calendar-day grace period to fix a minimum bid price deficiency. To clear the violation, Orion Digital must close at or above $1.00 for at least 10 consecutive business days before December 22, 2026. If it hits that target, Nasdaq will issue a written confirmation of compliance, according to Fort Saskatchewan Record.
If the deadline passes without compliance, the company may apply for a second 180-day extension. To qualify, it must meet other Nasdaq listing standards and signal a clear plan to cure the deficiency — potentially including a reverse stock split. However, recent Nasdaq rule changes have made reverse splits riskier, as they can trigger other listing failures, per Cochrane Times Post.
Strong Financials Contrast Sharply With Stock Slide
Orion Digital — formerly known as Mogo Inc. — rebranded as it shifted from Canadian digital lending toward wealth management and payment infrastructure. Its Q1 2026 results showed Adjusted EBITDA up 46% year-over-year and cash reserves up 97% year-over-year. The company also launched its "Intelligent Investing" app in May 2026, according to Pembroke Observer.
For the full year 2025, the company reported 36% growth in wealth revenue. Subscription and services now make up 62% of total revenue. Despite those gains, the stock trades at a price-to-sales ratio of just 0.42 — meaning the market values the company at less than half its annual revenue, per Fairview Post.
Delisting Risk Could Shift Trading to Toronto Exchange
The Nasdaq notice does not immediately affect trading. Shares remain listed and active on both exchanges. But if Orion Digital cannot regain compliance by December 22, 2026, it could lose its Nasdaq listing entirely. That would push most of its trading activity to the TSX, likely cutting off access to US institutional investors, according to Hanna Herald.
The company has not yet said specifically how it plans to lift the share price. Its official statement says it "intends to resolve the deficiency and regain compliance with Nasdaq's Listing Rules." Short-sellers appear active in the stock — a market analysis from April 2026 flagged ORIO as "put-dominated," suggesting defensive bets against the stock may have helped accelerate the decline below $1.00, per Whitecourt Star.
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