Minneapolis-based Qumu Corp. received a delisting notice from Nasdaq for failure to meet the $1 per share minimum listing standard.

The company has up to 180 days to regain compliance. The company said in a Securities and Exchange Commission filing on Friday that the notice will not affect its day-to-day operations.

If Qumu's shares trade above $1 a share for 10 consecutive days before Jan. 23, 2023, Nasdaq, according to its listing rules, will provide the company with written notice that it has regained compliance with the requirement.

Qumu provides cloud-based enterprise software that helps firms manage live and video on-demand content. The company's shares had a pandemic-fueled surge from spring 2020 to February 2021 as corporate video content boomed while employees worked from home.

By February 2021, the price had climbed to around $10 a share, but has fallen steadily since then. Qumu's shares have closed under $1 a share since June 10 and closed Monday at 78 cents a share.

The stock market slump has pushed other small-cap and micro-cap stocks into delisting territory. Roseville-based Calyxt Inc., Eden Prairie-based Nuwellis Inc. and Eagan-based Predictive Oncology Inc. and Regis Corp. each received similar notices from their respective exchanges this year.

A public company can get a delisting notice from their exchange for a number of reasons, but failure to maintain a $1 share price for 30 days is one of the more common ones. Action is not taken immediately. Instead, companies have 180 days to raise their share price and can get a 180-extension after that if they meet other listing standards and submit a plan of action to the exchange.

A common way to meet the $1 a share requirement is to initiate a reverse stock split that increases the share price but reduces the number of shares outstanding.

Companies that do get delisted are switched to over-the-counter exchanges. That move can cause share liquidity to drop quickly since many funds have rules against holding stocks no longer on major exchanges.

Qumu said in the filing it will monitor the share price and evaluate available options to regain compliance if need be.