Dogwood Therapeutics, Inc. (DWTX), Thursday announced that the company believes it has regained compliance with the Nasdaq Listing Rule 5550(b)(1), which requires a minimum stockholders' equity of $2.5 million.
Dogwood stated that it submitted a compliance plan to Nasdaq in December 2024 after receiving a non-compliance notice in November 2024.
On February 2, 2025, Nasdaq granted the company an extension until May 14, 2025, to meet the requirement.
The company said it achieved compliance ahead of schedule through strategic financial transactions, including a debt exchange agreement with Conjoint, Inc., which eliminated $19.9 million in debt by issuing shares of Series A-1 Non-Voting Convertible Preferred Stock.
Additionally, Dogwood completed a $4.8 million common stock sale to institutional investors.
"We appreciate Nasdaq's consideration and are pleased to have strengthened our financial position," said Greg Duncan, Chairman and CEO of Dogwood Therapeutics.
He further added that, "With a strong cash balance of $17.5 million and no debt, we are well-positioned to advance our mission and enhance shareholder value."
As of March 31, 2025, Dogwood had 1,911,128 shares of common stock outstanding.
The company expects to continue executing its financial and operational strategy while remaining in compliance with Nasdaq's listing standards.
Currently, DWTX is trading at $4.32 up 5.88 percent on the Nasdaq.
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