NLS Pharmaceutics, a pioneering clinical-stage biopharmaceutical enterprise based in Switzerland, dedicated to the advancement of groundbreaking therapies for individuals grappling with rare and intricate central nervous system disorders, has disclosed receiving a formal notice from Nasdaq Stock Market LLC. This communication indicates that the company presently falls short of the minimum bid price requisite for sustained listing, as per Listing Rule 5550(a)(2). This rule mandates that listed companies uphold a minimum bid price of $1.00 per share.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), NLS Pharmaceutics Ltd. has been afforded a 180-calendar-day window to rectify this non-compliance with the minimum bid price condition. It is imperative to note that this notice does not immediately impact the company’s Nasdaq listing status or the trading of its common shares or warrants. Throughout this grace period, which may be subject to extension, the common shares and warrants of NLS Pharmaceuticals will remain accessible for trading on the Nasdaq Capital Market, denoted by the symbols “NLSP” and “NLSPW”, respectively.
As per the notice, the company has until April 16, 2024, to restore compliance with the minimum bid price prerequisite. The avenue for compliance restoration hinges on the closing bid price of its common shares attaining or exceeding $1.00 for a minimum span of ten consecutive business days during this 180-day interval. Fulfillment of this condition would lead to the issuance of written affirmation of compliance, thereby closing this matter. However, should NLS fail to reestablish compliance within this initial 180-day period, the company may qualify for an additional 180-day compliance term, provided it satisfies the ongoing listing criterion pertaining to the market value of publicly held shares and all other original listing benchmarks for The Nasdaq Capital Market, save for the minimum bid price specification. In such an eventuality, NLS would be required to furnish written notification of its intent to rectify the deficiency during this subsequent compliance window, potentially through the implementation of a reverse stock split, if deemed necessary.
Should NLS Pharmaceutics be unable to demonstrate compliance within the stipulated compliance period(s), Nasdaq’s regulatory body will apprise the company of the impending delisting of its common shares and warrants.
In parallel news, NLS Pharmaceuticals’ stock is currently witnessing a notable surge in trading activity today.
At the time of this publication, NLS Pharmaceutics AG stock (NLSP) has witnessed a surge.
NLS Pharmaceutics AG
Current Price: $0.65
Change : +0.11
Change (%): (20.55%)
Volume: 95.2K
Source: Tomorrow Events Market Data
