ProPhase Labs gets 180-day extension to meet Nasdaq bid price rule

UNIONDALE, NY - ProPhase Labs Inc. (NASDAQ:PRPH) has received a 180-day extension from Nasdaq to regain compliance with the exchange’s minimum $1.00 bid price requirement, the biotech company announced Thursday. The company’s shares, currently trading at $0.35, have fallen nearly 92% over the past year according to InvestingPro data.

The extension gives ProPhase until December 22, 2025, to meet the listing requirement after failing to do so during the initial compliance period that ended June 24. To maintain its listing, the company must achieve a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days before the new deadline. With a current market capitalization of just $14.5 million, the company faces significant challenges, including a weak financial health score according to InvestingPro analysis.

Nasdaq granted the extension after determining that ProPhase meets all other applicable requirements for initial listing on the Capital Market, according to the company’s press release statement.

The company first received notification of non-compliance from Nasdaq on December 26, 2024, when its shares had traded below the $1.00 threshold for 30 consecutive business days.

ProPhase stated it is monitoring its share price and "considering its options" to regain compliance with the bid price requirement. The company noted that the extension does not affect its business operations, SEC reporting requirements, or contractual obligations.

If ProPhase fails to demonstrate compliance by December 22, Nasdaq will provide written notification that the company’s securities will be delisted from the exchange.

ProPhase Labs describes itself as a next-generation biotech, genomics and consumer products company with subsidiaries focused on whole genome sequencing, diagnostic development, and over-the-counter dietary supplements. The company’s financial challenges include negative EBITDA of $28.6 million and rapid cash burn, as highlighted in InvestingPro’s comprehensive research report, which provides detailed analysis of over 1,400 US stocks.

In other recent news, ProPhase Labs Inc. reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of -0.13, which exceeded analysts’ expectations of -0.18. However, the company faced a revenue shortfall, posting $1.43 million against a forecast of $2.45 million. Despite the revenue miss, ProPhase Labs has undertaken significant operational restructuring, including a workforce reduction from 96 to 25 employees and the sale of its manufacturing facility. These strategic moves are aimed at reducing overhead and positioning the company for future growth.

Additionally, ProPhase Labs announced the formation of a Clinical Science Advisory Board to support the commercialization of its BE-Smart™ molecular test for esophageal disease. This initiative includes experts like Dr. Joe Abdo and aims to tap into a potential $7 to $14 billion market. The company holds exclusive patents for detecting key proteins associated with esophageal adenocarcinoma progression, providing a competitive edge.

In corporate governance news, ProPhase Labs appointed Carolina Abenante as an independent director to its Board of Directors. Ms. Abenante, who is also the founder of NYIAX, Inc., will serve on several committees, including the Nominating and Corporate Governance Committee and as Chair of the Compensation Committee. Her appointment aligns with Nasdaq and SEC independence standards. These developments reflect ProPhase Labs’ ongoing efforts to strengthen its leadership and strategic direction.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.