Catalyst Pharmaceutical Partners, Inc. (CPRX) said Thursday that it received a Nasdaq Staff Deficiency Letter indicating that the company is not in compliance with the Minimum Bid Price requirement set forth for continued listing on the Nasdaq Capital Market.
As per the Nasdaq listing rules,a listed company must maintain a minimum bid price of $1.00 per share always. But based upon the closing price for the last 30 consecutive business days, the company was unable to meet this requirement.
In such a case, the listing rules provides the company with a grace period option to regain compliance within 180 days.
If the company shares closes at or above $1.00 per share for a minimum of ten consecutive business days during the grace period, the Nasdaq will provide the company with a written confirmation of compliance.
However, if the company is unable to regain compliance within the period, it may be eligible for an additional 180-day grace period, provided it meets the other initial standards for listing on the Nasdaq Capital Market at that time.
Catalyst Pharmaceutical said that it understands the Nasdaq requirements and believes that it will be able to regain compliance with the Rules within the allotted grace period.
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