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Kathleen Borthwick, the Chief Financial Officer of Passage BIO, Inc. (NASDAQ:PASG), a clinical-stage genetic medicines company currently valued at $32.66 million, recently executed a series of stock transactions according to a Form 4 filing with the Securities and Exchange Commission. According to InvestingPro analysis, the stock is currently trading below its Fair Value, despite experiencing a significant 11.78% decline over the past week. On February 11, Borthwick sold 3,183 shares of common stock at a weighted average price of $0.5296 per share, amounting to a total value of $1,685.
The sale was part of an issuer-mandated transaction to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs). These RSUs had converted into common stock on a one-for-one basis. Following these transactions, Borthwick’s direct ownership stands at 41,283 shares.
In other recent news, biotechnology firm Passage Bio, Inc. has transitioned its stock listing from The Nasdaq Global Select Market to The Nasdaq Capital Market. This strategic shift was undertaken to maintain the company’s listing after its share price fell below the $1.00 minimum bid price for an extended period. Despite the transition, trading of Passage Bio’s shares remains uninterrupted, with the new market expected to operate similarly to the previous one.
The company has been granted an additional 180 days, until July 28, 2025, to meet the minimum bid price requirement. To regain compliance, the closing bid price must reach or exceed $1.00 per share for at least 10 consecutive business days. Passage Bio has indicated potential strategies to address the deficiency, including the consideration of a reverse stock split.
These are recent developments following an initial notification from Nasdaq on non-compliance due to the company’s stock price. The information is based on a press release statement filed with the Securities and Exchange Commission. Passage Bio’s management is actively exploring all possible avenues to ensure it meets the necessary requirements for continued listing on The Nasdaq Capital Market.
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