Bullish indicating open at $55-$60, IPO prices at $37
BEIJING - CASI Pharmaceuticals, Inc. (NASDAQ:CASI), a biopharmaceutical company, has been notified by Nasdaq of non-compliance with the minimum Market Value of Listed Securities (MVLS) requirement. The Nasdaq notice, dated May 5, 2025, indicated that CASI’s MVLS fell below the $35 million threshold for 30 consecutive business days from March 20 to May 2, 2025. InvestingPro data shows the company’s current market capitalization stands at $27.89 million, with the stock trading at $1.80.
According to Nasdaq Listing Rule 5550(b)(2), companies must maintain an MVLS of at least $35 million. CASI also does not meet alternative requirements under Nasdaq Listing Rules 5550(b)(1) and 5550(b)(3). The company now has a 180-day period, until November 3, 2025, to regain compliance. To do so, CASI’s MVLS must close at or above $35 million for a minimum of 10 consecutive business days. The challenge appears significant, as InvestingPro data reveals the stock has declined nearly 68% over the past six months, with an overall Financial Health Score rated as WEAK.
If CASI fails to meet the MVLS Requirement within the compliance period, it risks delisting. However, the notice does not currently affect the trading of CASI’s securities on the Nasdaq.
CASI specializes in the development and commercialization of therapeutics and pharmaceutical products in China, the U.S., and globally. Its focus areas include hematology oncology therapeutics and treatments for organ transplant rejection and autoimmune diseases. The company operates in China through its wholly owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd. Financial metrics from InvestingPro indicate the company is quickly burning through cash, with negative EBITDA of $36.88 million and declining revenues (11 additional ProTips available with InvestingPro subscription).
The company has expressed its intention to take appropriate actions to regain compliance within the specified period. Nonetheless, there is no assurance that CASI will be able to meet the MVLS Requirement or other applicable Nasdaq Listing Rules. With earnings results expected on May 14, 2025, investors can access comprehensive financial analysis and Fair Value estimates through InvestingPro to make informed decisions about their positions.
This news is based on a press release statement from CASI Pharmaceuticals.
In other recent news, CASI Pharmaceuticals has received a revised preliminary non-binding buyout proposal from its CEO, Dr. Wei-Wu He. The proposal, dated April 2, 2025, involves purchasing the company’s business operations in China and certain product rights in Asia for $20 million, including the assumption of equivalent debt. This updated offer follows a previous one made on June 21, 2024. The acquisition would include rights to pipeline products such as BI-1206, CID-103, and Thiotepa. A special committee within CASI Pharmaceuticals is currently evaluating the proposal, which remains subject to change and does not guarantee a definitive agreement or transaction. Shareholders and potential investors have been cautioned that no decisions have been made, and there is no assurance of the proposal’s approval or completion. The company has indicated that it will not provide updates on the proposal unless legally required. This development highlights ongoing strategic evaluations within CASI Pharmaceuticals, as they navigate various operational and regulatory challenges.
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