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LONDON - Virax Biolabs Group Limited (NASDAQ:VRAX) announced Friday it has received a notification from Nasdaq regarding non-compliance with the exchange’s minimum bid price requirement. The stock has fallen nearly 58% over the past six months, according to InvestingPro data, with shares currently trading at significant discount to their Fair Value.
The notice, dated July 14, indicates that Virax has failed to maintain the minimum bid price of $1.00 per share required under Nasdaq Listing Rule 5550(a)(2). According to the notification, the company has a compliance period of 180 calendar days, until January 12, 2026, to regain compliance.
Virax can regain compliance if its closing bid price reaches at least $1.00 per share for a minimum of ten consecutive business days during this period. If the company fails to meet this requirement by the deadline, it may be eligible for an additional 180-day grace period.
The biotechnology company’s shares will continue to trade uninterrupted on Nasdaq under the symbol "VRAX" during the compliance period.
Virax Biolabs focuses on the detection of immune responses and diagnosis of viral diseases. The company is currently developing T-Cell-based test technologies aimed at providing an immunology profiling platform, which could be particularly effective in diagnosing post-viral syndromes.
The information in this article is based on a press release statement from the company.
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