ShiftPixy Inc. (NASDAQ: PIXY) on Monday reported Nasdaq notified the company that it is not in compliance with listing rules because it did not maintain a market value of listed securities of $35 million.

Although the move has no immediate effect on the company's stock listing, but its stock could be delisted if it fails to regain compliance.  At that point, ShiftPixy can appeal the decision to a panel at Nasdaq.

The company has until Dec. 2 to regain compliance.

If, during this time, ShiftPixy’s market value of listed securities reaches $35 million or more for 10 consecutive business days, Nasdaq will confirm that the company is in compliance, and the matter will be closed.