Longeveron Inc. (NASDAQ:LGVN), a biotechnology company, has been notified by the Nasdaq Stock Market that it is not in compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company's Class A common stock has fallen below the $1.00 minimum bid price, as per Nasdaq Listing Rule 5550(a)(2).
The notice, received on Saturday, does not immediately affect the listing of Longeveron's common stock. The company has been granted a 180-day period, until August 31, 2024, to meet the minimum bid price requirement. To regain compliance, the stock's bid price must close at $1.00 or higher for at least ten consecutive business days within this period. Nasdaq retains the discretion to extend this period to a maximum of 20 consecutive business days.
Should the bid price of Longeveron's stock drop to $0.10 or less for ten consecutive trading days before the compliance deadline, Nasdaq may issue a Staff Determination Letter, which could lead to the stock's immediate suspension and delisting, unless appealed.
If compliance is not achieved by August 31, Longeveron may be granted an additional 180-day period to meet the requirement, provided it meets all other initial listing standards for the Nasdaq Capital Market, except the minimum bid price. The company would need to inform Nasdaq of its plan to address the deficiency during this second period.
Longeveron is considering various strategies to regain compliance, including a potential reverse stock split, which was authorized by its stockholders at a special meeting on February 21, 2024. The Board of Directors has yet to decide on a specific ratio for the reverse stock split.
This information in this article is based on an 8K filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.