Callan JMB Cleared Nasdaq's $1.00 Bid Price Without a Reverse Split. Its Other Listing Clock Runs to Oct. 4.

by Adam Kowalczyk · August 17, 2026

Filings & Deals Reporter, The MicroCap Herald

Callan JMB Inc. (Nasdaq: CJMB) said Monday that Nasdaq's Listing Qualifications Department has confirmed in writing that the company is back in compliance with the exchange's $1.00 minimum bid price requirement, and that the file is shut.

The release, issued through GlobeNewswire under a Spring Branch, Texas dateline of Aug. 17, 2026 and time-stamped 08:00 ET — before the opening bell — says the written notification arrived on Aug. 14, 2026 and that it confirms compliance with "Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share." The release adds, in its own words: "The matter is now closed."

The starting point was earlier in the summer. "As previously disclosed, the Company received written notice from Nasdaq on June 29, 2026, indicating that, based on the closing bid price of the Company's common stock for the preceding 30 consecutive business days, the Company was not in compliance with the Minimum Bid Price Requirement," the release says. June 29, 2026 was a Monday.

How the company says it got out is the part worth reading slowly. "Callan JMB regained compliance with the Minimum Bid Price Requirement because the closing bid price of its common stock was $1.00 per share or greater for more than 10 consecutive business days, thereby satisfying the Nasdaq requirement," the release states. It describes no reverse stock split, no share consolidation and no exchange-granted extension. The cure it reports is the tape.

The rule behind that sentence sits in Nasdaq's 5800 series. Rule 5810(c)(3)(A) reads: "A failure to meet the continued listing requirement for minimum bid price shall be determined to exist if the deficiency continues for a period of 30 consecutive business days. Upon such failure, the Company shall be notified promptly and shall have a period of 180 calendar days from such notification to achieve compliance. Compliance can be achieved during any compliance period by meeting the applicable standard for a minimum of 10 consecutive business days during the applicable compliance period, unless Staff exercises its discretion to extend this 10 day period as discussed in Rule 5810(c)(3)(H)." This desk read that text off the Listing Center rulebook page for the 5800 series, which carries an amendment history for Rule 5810 running from its adoption on March 12, 2009 through "amended Apr. 10, 2026 (SR-NASDAQ-2025-109); amended Jul. 22, 2026 (SR-NASDAQ-2026-004)."

The tier matters, because Nasdaq prints two parallel sets of continued-listing standards. Callan JMB is a Nasdaq Capital Market issuer, which puts it under the 5550 series rather than the Global Market's 5450 series; its own April filing names the market in which it is deficient as "The Nasdaq Capital Market." On the Listing Center rulebook page for the 5500 series, Rule 5550(a)(2) reads in full: "Minimum bid price of at least $1 per share." That page's stamp for Rule 5550 reads: "Adopted March 12, 2009 (SR-NASDAQ-2009-018); amended June 16, 2009 (SR-NASDAQ-2009-052); amended Jul. 22, 2026 (SR-NASDAQ-2026-004)."

One caveat about those stamps, since this article leans on them to show the rule text is current. The 5500 series rulebook page carries a notice that the Securities and Exchange Commission "has stayed the approval order" for SR-NASDAQ-2026-004, the July 22, 2026 amendment that ends both stamps. So this desk read what that filing actually does. Per Nasdaq's own rule filing, SR-NASDAQ-2026-004 adopts a new continued-listing requirement of "Market Value of Listed Securities of at least $5 million" — new Rule 5450(a)(3) for the Global Market and new Rule 5550(a)(6) for the Capital Market — together with a new Rule 5815(a)(1)(B)(ii)f., and it amends Rules 5810(c)(1), 5810(c)(3)(C), 5815(a)(1)(B)(ii) and a subparagraph of Rule 5815(c)(1) (two independent readings of the filing rendered that subparagraph's letter differently, so it is named here only to the paragraph level). It does not amend Rule 5550(a)(2), Rule 5550(b)(1) or Rule 5810(c)(3)(A). Those three provisions are the ones this article turns on, and the stay does not reach them.

Measured against the rule's own arithmetic, the company used a small fraction of the room it had. One hundred and eighty calendar days from the June 29 notice falls on Dec. 26, 2026, a Saturday. The confirming letter is dated Aug. 14, forty-six days in. The release does not identify which sessions made up the qualifying run, and because it says "more than 10" consecutive business days rather than exactly ten, this desk cannot name the first day of that streak. What the calendar does fix is a boundary: counting back ten business days from Thursday, Aug. 13 — the last full session before the Friday letter — reaches Friday, July 31, with no federal holiday intervening. Any qualifying run had therefore begun by July 31 at the latest, and a longer one began earlier still.

One further piece of Rule 5810(c)(3)(A) is worth stating because it decides who gets a compliance period at all. Subparagraph (iv), headed "Excessive Reverse Stock Splits," provides that if a company fails the bid price requirement and "has effected a reverse stock split over the prior one-year period; or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, then the Company shall not be eligible for any compliance period specified in this Rule 5810(c)(3)(A)" and the Listing Qualifications Department shall issue a Staff Delisting Determination. Callan JMB was given a compliance period on June 29 and closed it out on the price.

On the tape, stockanalysis.com showed CJMB closing Monday, Aug. 17, at $2.68, a gain of $0.31 or 13.08%, on volume of 578,803 shares, stamped "At close: Aug 17, 2026, 4:00 PM EDT." The same page put the 52-week range at $0.65 to $5.61, market capitalisation at $15.13 million and shares outstanding at 5.65 million — figures that reconcile with each other at Monday's close — and trailing-twelve-month revenue at $5.09 million.

Callan JMB is a frequent issuer of press releases, and the window between the June notice and the August letter was a busy one: GlobeNewswire carries Callan JMB items dated July 8, July 16, July 29, Aug. 4, Aug. 6, Aug. 10 and Aug. 11, 2026, among others. Two of them concern the new manufacturing line of business. On Aug. 6, 2026 at 08:00 ET the company announced the formation of Callan Power LLC, described as "a new wholly owned subsidiary which will focus on strengthening U.S. electrical infrastructure through the planned domestic manufacturing of transformers and other critically needed power-system equipment." Wayne Williams, President and Chief Executive Officer of Callan JMB, said in that release: "Callan Power is a natural extension of our preparedness mission and the experience we have developed managing fixed and mobile power resources since 2009. By combining that operational foundation with plans to manufacture transformers and other essential electrical equipment domestically, we intend to address a critical infrastructure need while creating a meaningful new avenue for long-term growth." The Aug. 6 release discloses no capital committed, no contracts and no customers.

On Aug. 11, 2026 at 08:00 ET, Callan JMB, Bia Power Systems LLC and Alabama State University announced a joint venture for a transformer and electrical-equipment manufacturing and assembly operation in Brewton, Alabama. That release says "The project represents an anticipated investment of approximately $60 million" and that "at full planned capacity, the venture is projected to support more than $150 million in annual manufacturing revenue," with "commercial sales targeted to begin within nine months following groundbreaking." Those are the companies' projections, stated in their own release, not this desk's expectations; for scale, Callan JMB's trailing-twelve-month revenue is $5.09 million. The release places the operation in an ASU-owned facility in Brewton. It does not disclose who is funding the $60 million, does not state Callan JMB's own capital contribution, does not give the ownership split among the three parties, and does not give a groundbreaking date — so the nine-month clock has no start.

The bid price file is closed. A second listing matter, disclosed four months ago, is not. In a Form 8-K reporting an earliest event date of April 7, 2026, read for this article on EDGAR, Callan JMB disclosed that Nasdaq had told it that it was "not in compliance with Nasdaq Listing Rule 5550(b)(1) which requires the Company to maintain a minimum of $2,500,000 in stockholders' equity." The rulebook states that standard tersely: Rule 5550(b)(1) reads "Equity Standard: Stockholders' equity of at least $2.5 million." The filing says the company had "45 calendar days, or until May 22, 2026, to submit a plan to regain compliance," and that if the plan is accepted Nasdaq may grant "up to 180 calendar days from the date of the Notice, or until October 4, 2026, to evidence compliance." Both dates are the filing's own, not this desk's arithmetic — though both happen to match a straight count of 45 and 180 calendar days from April 7. The same filing says that "Neither the Notice nor the Company's non-compliance have an immediate effect on the listing or trading of the Company's common stock, which will continue to trade under the symbol 'CJMB.'"

The most recent balance sheet this desk was able to review is the one behind that notice, and it is now four and a half months old. In the quarterly report for the three months ended March 31, 2026, filed May 15, 2026, Callan JMB reported stockholders' equity of $1,599,533 — $900,467 short of the $2,500,000 floor — on revenue of $1,106,143, a net loss of $3,215,054, cash and equivalents of $1,415,566 and an accumulated deficit of $13,475,068. Those five figures were read from StockTitan's reproduction of the 10-Q's balance sheet and statement of operations, not off EDGAR by this desk; the same page also restates them in StockTitan's own editorial summary, and the two halves agree.

Whether the June 30, 2026 quarter changed the equity line is the question that matters most, and this desk could not answer it. Searches of sec.gov for a Callan JMB quarterly report covering the quarter ended June 30, 2026, a search for the company's EDGAR submissions data, a general search for second-quarter 2026 results, and checks of StockTitan's Callan JMB filing index and a public earnings-calendar page all returned no such report as of Monday evening. That is the state of this desk's search, not a finding that no report exists. Readers weighing the Oct. 4 deadline should note that every equity figure in this article is a March 31 figure.

The March 31 filing also carries going-concern language, and it carries both halves of it. The document states that "These factors raise substantial doubt regarding the Company's ability to continue as a going concern." It also states: "Management believes that these liquidity sources, combined with its plan to explore various strategic initiatives, investment opportunities and cost reduction strategy, have alleviated substantial doubt regarding the Company's ability to continue as a going concern for the next twelve months." Both sentences sit in Note 1 of the filing as reproduced; a reader weighing the disclosure should have both.

The financing route the company has open is an at-the-market programme. A Form 8-K with an event date of May 26, 2026 discloses an agreement to sell shares of common stock "having an aggregate offering price of up to $5,000,000," with "Alexander Capital, L.P. ("Alexander Capital"), as sales agent," at a "commission equal to 3.0% of the gross proceeds," plus reimbursement capped at $50,000 at establishment and $3,000 quarterly. Against the $15.13 million market capitalisation quoted Monday, $5 million of capacity is 33% of the company's market value; shares sold under it would be issued at prevailing market prices and would dilute existing holders. That programme was established after the March 31 balance-sheet date, and equity raised under it would also, dollar for dollar, lift the stockholders' equity line that the April notice is about — so the March 31 equity figure may understate the current one by an amount this desk cannot measure.

One further matter is on the record. In a release dated April 17, 2026 at 17:00 ET, Callan JMB said it had been sued by Eddie Patent Holdings LLC in the U.S. District Court for the Northern District of Texas. The company said it was "currently reviewing the filing with legal counsel," and Williams said: "While we take all legal matters seriously, we believe the claims asserted in the complaint are without merit and intend to respond through the appropriate legal process." The release discloses no damages figure and does not describe the claims, and the company declined further comment on pending litigation. This desk has not read the complaint and cannot describe the claims independently.

The plain risks, stated plainly: the Rule 5550(b)(1) equity deficiency was unresolved on the public record reviewed for this article, with an Oct. 4, 2026 outside date named in the company's own filing and no assurance in that filing that a plan will be accepted or that compliance will be achieved; the March 31 quarter showed a net loss twice the size of the equity balance and an accumulated deficit of $13.5 million; trailing-twelve-month revenue of $5.09 million is 13.5% lower than the year-ago figure on stockanalysis.com's measure; the going-concern paragraph exists even though management says it has alleviated the doubt; the at-the-market facility means the share count is not fixed; and the Eddie Patent Holdings suit is unresolved. Set against those, the bid-price matter is now closed, the company cured it without a reverse stock split and without needing an extension, and the Oct. 4 date on the equity matter has not yet arrived. Regaining the $1.00 bid price does not immunise a stock against failing it again — Rule 5810(c)(3)(A) applies the same 30-business-day test the next time.

Scope note: this article covers the Aug. 14 bid-price compliance letter, the April 7 stockholders' equity notice, the April 17 litigation statement and the disclosures the company has made about its financing and its new power subsidiary. It does not evaluate the Brewton project's economics, does not assess the company's securities, draws no causal link between any announcement and any share-price move, and takes no view on whether the equity deficiency will be cured.