Abpro Holdings receives Nasdaq notice for continued noncompliance with listing rules

Abpro Holdings, Inc. (NASDAQ:ABP), currently valued at $247 million and trading at $8.23, announced it received a letter from The Nasdaq Stock Market on Tuesday notifying the company that it has not regained compliance with the Market Value of Publicly Held Shares (MVPHS) and Market Value of Listed Securities (MVLS) requirements for continued listing on the Nasdaq Global Market. According to InvestingPro data, despite the compliance issues, the stock has shown resilience with a 38% gain year-to-date.

According to the statement based on a recent SEC filing, Abpro Holdings was previously notified by Nasdaq on April 10 that its MVPHS had fallen below the $15 million minimum required under Nasdaq Listing Rule 5450(b)(2)(C), and its MVLS had dropped below the $50 million minimum required under Nasdaq Listing Rule 5450(b)(2)(A). The company was given 180 calendar days, or until October 7, to regain compliance with both requirements. InvestingPro analysis reveals the company maintains a "GREAT" overall financial health score of 3.25, suggesting underlying stability despite these regulatory challenges.

As of October 14, Abpro Holdings had not met either the MVPHS or MVLS thresholds. The company has requested a hearing before an independent Nasdaq Hearings Panel, which is scheduled for October 30. During the hearing, the company intends to present its plans to regain compliance with the MVPHS, MVLS, and Minimum Bid Price requirements. InvestingPro Tips highlight that while the stock price has fallen significantly over the past year, it’s currently trading near its 52-week high of $8.75, having recovered from a low of $5.35. Subscribers to InvestingPro can access additional insights and real-time analysis to monitor this developing situation.

The notice from Nasdaq does not have an immediate effect on the listing of Abpro Holdings’ common stock or warrants, which continue to trade on the Nasdaq Stock Market under the symbols ABP and ABPWW, respectively. Any further delisting action is stayed pending the outcome of the hearing and any potential extension granted by the Panel.

Abpro Holdings stated there is no assurance that the Panel will grant its request for continued listing or that the company will be able to demonstrate compliance before any extension expires.

This information is based on a press release statement and the company’s recent SEC filing.

In other recent news, Abpro Holdings, Inc. reported that shareholders approved several significant proposals at its recent annual meeting. These included the election of one director, the ratification of the company’s independent auditor, and an amendment to the certificate of incorporation to implement a reverse stock split. Additionally, Abpro Holdings announced the furlough of its Chief Medical Officer, Robert J. Markelewicz, Jr., M.D., M.M.Sc., with his employment set to terminate on November 30, 2025.

In another development, Sitryx Therapeutics appointed Adam Mostafa as Chief Financial Officer. Mostafa brings extensive experience in biotechnology capital markets and previously served as CFO at X4 Pharmaceuticals, where he played a key role in a reverse merger and supported product launch initiatives. These updates provide investors with the latest corporate changes and leadership appointments in the biotech sector.

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