TransCode Therapeutics, Inc. (RNAZ), an oncology company focused on RNA therapeutics for cancer treatment, announced on Tuesday that it has regained compliance with Nasdaq's continued listing requirements.
The company received confirmation from Nasdaq that it has met the necessary criteria under Listing Rules 5550(a)(2) and 5550(b)(1), related to the minimum bid price and shareholders' equity rules.
Additionally, TransCode resolved the violation of Listing Rule 5635 by obtaining shareholder ratification for a July 2024 equity transaction.
As a result, TransCode's shares will remain listed on the Nasdaq Capital Market. The company will be monitored under a Discretionary Panel until December 2025, which will oversee its compliance with Nasdaq rules.
If the company falls out of compliance again within the one-year monitoring period, it could face delisting, although it will have an opportunity to request a hearing.
"This is an encouraging step forward for TransCode as we work to advance our lead therapeutic candidate, TTX-MC138, in clinical trials," said Tom Fitzgerald, TransCode's Interim CEO and CFO.
The company's focus on TTX-MC138, aimed at treating metastatic tumors, is expected as a key clinical progress in the coming year.
TransCode Therapeutics is committed to improving cancer treatment through RNA therapeutics and its proprietary TTX nanoparticle platform.
Currently, RNAZ is trading at $0.45 up by 12.56%.
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