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CINCINNATI - Onconetix, Inc. (NASDAQ:ONCO), a biotechnology company focused on men’s health and oncology, has received approval from the Nasdaq Hearings Panel to maintain its listing on the Nasdaq Stock Market, according to a press release statement issued Monday. The company, currently valued at $2.47 million, has seen its stock decline over 91% year-to-date according to InvestingPro data.
The panel’s decision on June 11 requires Onconetix to demonstrate compliance with two Nasdaq listing rules: the Periodic Filing Listing Rule by June 13, and the Bid Price Listing Rule by June 30, 2025.
The company has already satisfied the first requirement by filing its Form 10-Q for the quarter ended March 31, 2025, on June 12. To address the minimum bid price requirement, Onconetix implemented a 1-for-85 reverse stock split of its common shares on June 13.
Onconetix expects to meet the bid price requirement by June 27, ahead of the deadline set by Nasdaq.
The hearing on the company’s listing status was held on May 27, with the panel granting Onconetix’s request for continued listing subject to meeting these compliance conditions.
Onconetix commercializes Proclarix, an in vitro diagnostic test for prostate cancer that has received approval for sale in the European Union under the In Vitro Diagnostic Regulation.
The company’s listing compliance efforts come amid discussions about a potential transaction with Therapeutics, Inc., though no definitive agreement has been announced.
In other recent news, Onconetix, Inc. has announced a 1-for-85 reverse stock split of its common shares, effective June 13, 2025. This move comes after stockholder approval and aims to help the company regain compliance with Nasdaq’s minimum bid price requirement. Additionally, Onconetix is facing potential delisting from the Nasdaq Capital Market due to filing delays and its stock price falling below the required minimum. The company has requested a hearing to address these compliance issues and is working to file overdue reports promptly. In another development, Onconetix has signed a non-binding Letter of Intent for a potential merger with Ocuvex Therapeutics, which could expand its portfolio into ophthalmic treatments. This proposed merger would result in Ocuvex equity holders owning about 90% of the combined entity. The merger’s completion depends on several conditions, including due diligence and regulatory approvals. These recent developments reflect Onconetix’s efforts to stabilize its market presence and explore new growth avenues.
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