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CINCINNATI - Onconetix, Inc. (NASDAQ:ONCO), a biotechnology firm trading at $0.08 per share, is confronting potential delisting from The Nasdaq Capital Market due to non-compliance with the exchange’s filing requirements. The company disclosed on Monday that it had received a delisting notice from Nasdaq after failing to submit its quarterly report for the period ending March 31, 2025. According to InvestingPro data, the stock has lost nearly 87% year-to-date, with its market capitalization now at just $0.69 million.
The notification, dated May 20, 2025, follows a series of compliance issues for Onconetix, including a previous deficiency notice for not filing its annual report on time and a warning about the company’s stock price falling below the minimum bid price requirement of $1.00 per share. The stock’s closing bid price dipped to $0.10 or less for ten consecutive trading days, triggering another delisting notice under Nasdaq’s rules. InvestingPro analysis reveals concerning fundamentals, with a weak Financial Health Score of 1.35 and a current ratio of 0.06, indicating significant liquidity challenges.
Onconetix has requested a hearing before the Nasdaq Hearings Panel, which is set for May 27, 2025, to address these concerns. The company has also submitted a stay request to halt the suspension of its securities pending the panel’s decision. While the hearing may provide Onconetix with an opportunity to regain compliance, the outcome remains uncertain.
The company has expressed its intention to file the overdue annual and quarterly reports as soon as possible in an effort to rectify the situation. Onconetix specializes in men’s health and oncology solutions, including an in vitro diagnostic test for prostate cancer and an FDA-approved treatment for benign prostatic hyperplasia.
This announcement is based on a press release statement from Onconetix. The company’s future on Nasdaq hinges on the upcoming hearing and its ability to fulfill the exchange’s listing requirements promptly. For a comprehensive analysis of Onconetix’s financial health and future prospects, investors can access detailed Pro Research Reports and additional financial metrics through InvestingPro, which offers expert insights on over 1,400 US-listed companies.
In other recent news, Onconetix, Inc. has announced a potential merger with Ocuvex Therapeutics, Inc., which could significantly expand its portfolio into ophthalmic treatments. This merger, if completed, would result in Ocuvex equity holders owning approximately 90% of the combined entity. Concurrently, Onconetix is facing a potential delisting from The Nasdaq Stock Market due to its low share price, having failed to meet the minimum bid price requirement. The company plans to appeal this decision to the Nasdaq Hearings Panel in hopes of maintaining its listing. Additionally, Onconetix presented new clinical data for its prostate cancer diagnostic tool, Proclarix, at the European Association of Urology congress, highlighting its effectiveness in reducing unnecessary biopsies. In leadership news, James Sapirstein has been appointed as the new Executive Chairman, following Dr. Ralph Schiess’s resignation. Andrew Oakley has also joined the board as a Class II director, increasing the board’s size. The company has postponed its 2025 annual meeting of shareholders, initially set for June 4, 2025, to a date yet to be announced.
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