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Seelos Therapeutics (NASDAQ:SEEL), Inc., a pharmaceutical company based in New York, has been grappling with compliance issues related to its listing on the Nasdaq Capital Market. The company received a bid notice from Nasdaq on April 30, 2024, stating that its common stock had closed below the minimum $1.00 per share requirement for thirty consecutive business days. Seelos has until October 28, 2024, to meet this requirement or face delisting.
Previously, on November 2, 2023, Seelos was notified of non-compliance with Nasdaq's minimum market value requirement of $35 million. The company was given until April 30, 2024, to regain compliance. However, continued non-compliance led to a notice on May 1, 2024, that its common stock would be delisted effective May 10, 2024, unless an appeal was made. Seelos timely requested a hearing, which stayed the suspension pending a decision.
Post-hearing on June 20, 2024, the Nasdaq Hearings Panel granted Seelos an extension until August 30, 2024, to comply with market value requirements and until September 30, 2024, to meet the bid price requirement. Seelos requested further extensions, and on October 1, 2024, the Panel granted an extension until October 10, 2024, for the bid price requirement and until October 11, 2024, for market value compliance.
Despite efforts to regain and maintain compliance with Nasdaq's listing requirements, Seelos has been informed that no further extensions will be granted. Failure to meet the terms of the extensions will result in immediate delisting from Nasdaq. The company's future on the exchange remains uncertain as it works toward compliance, with no guarantee it will achieve or sustain the necessary standards.
This information is based on a press release statement from Seelos Therapeutics.
In other recent news, Seelos Therapeutics has been active in restructuring its stock and financial agreements. The biopharmaceutical company has implemented a 1-for-16 reverse stock split, consolidating every sixteen existing shares into one.
In financial developments, Seelos Therapeutics has amended its agreement with Lind Global Asset Management V, LLC, modifying the terms of a Convertible Promissory Note to not require a minimum cash balance until October 31, 2024.
On the clinical front, Seelos Therapeutics has agreed with the U.S. Army Medical Materiel Development Activity to supply its investigational therapy, SLS-002, for a Department of Defense-funded clinical trial. The trial is aimed at treating post-traumatic stress disorder among military personnel.
In governance news, Richard Pascoe has been appointed as Chairman of the Board of Directors.
These are all recent developments as Seelos Therapeutics continues to navigate its financial obligations and corporate governance responsibilities.
InvestingPro Insights
The recent compliance issues faced by Seelos Therapeutics are reflected in the company's financial metrics and stock performance. According to InvestingPro data, Seelos has experienced a significant price decline, with a 1-year total return of -99.53% as of the latest available data. This aligns with the company's struggle to maintain the minimum $1.00 per share requirement for Nasdaq listing.
InvestingPro Tips highlight that Seelos' stock has taken a big hit over the last week and generally trades with high price volatility. This volatility is evident in the company's market capitalization, which stands at just $1.49 million, indicating substantial investor uncertainty.
Despite these challenges, analysts anticipate sales growth in the current year, with revenue growth at 76.05% over the last twelve months. However, the company's financial health remains precarious, as InvestingPro Tips indicate that short-term obligations exceed liquid assets, and analysts do not anticipate profitability this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Seelos Therapeutics, providing deeper insights into the company's financial situation and market position.
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