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SAN DIEGO, CA – BioAtla, Inc., a biotechnology firm specializing in biological products, received notice from The Nasdaq Stock Market on Tuesday that it is at risk of being delisted. Currently trading at $0.45, the company’s stock has not met the minimum closing bid price of $1.00 per share for the past 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). According to InvestingPro data, the stock has declined over 82% in the past year and is currently showing signs of being undervalued based on Fair Value analysis.
This notice does not immediately impact the trading of BioAtla’s common stock, which is listed under the ticker symbol BCAB on the Nasdaq Global Market. With a market capitalization of just $25.59 million and a weak financial health score according to InvestingPro, the company has been given 180 calendar days, until August 5, 2025, to address the issue and regain compliance with the Nasdaq’s requirements. InvestingPro subscribers have access to 14 additional key insights about BCAB’s financial situation and future prospects.
To regain compliance, BioAtla must maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days during this period. Nasdaq may choose to extend this 10-day period at its discretion. If BioAtla achieves this, it will avoid delisting.
If the company fails to meet the requirement within the allotted timeframe, it may receive an additional 180-day period to comply, on the condition that it transfers to The Nasdaq Capital Market and satisfies all other initial listing standards, except for the minimum bid price rule.
Should BioAtla not regain compliance, its common stock may be delisted from Nasdaq. The company would then have the opportunity to appeal the delisting decision to a Nasdaq hearings panel.
BioAtla intends to monitor its stock’s bid price closely and explore possible solutions to meet Nasdaq’s standards. However, there is no guarantee that the company will be able to resolve the deficiency and maintain its listing.
This development is based on the latest 8-K filing with the Securities and Exchange Commission by BioAtla, Inc. The company, incorporated in Delaware and headquartered at 11085 Torreyana Road, San Diego, California, is led by Chief Financial Officer Richard A. Waldron, who signed the SEC filing on February 7, 2025.
In other recent news, BioAtla Inc. has made significant strides in its financial and operational activities. The biotech company recently announced a stock and warrant sale, projected to generate about $9.2 million in gross proceeds. This capital is expected to be channeled towards advancing the company’s mid-stage clinical programs, including Phase 1 and Phase 2 data readouts for its T-Cell Engager (TCE) and Antibody Drug Conjugate (ADC) therapies. The sale was facilitated by Tungsten Advisors through Finalis Securities LLC.
In a separate development, H.C. Wainwright downgraded BioAtla’s stock from Buy to Neutral. This decision was influenced by the need for clarity on the company’s pipeline development path, following updates on its drug candidates BA3021 and BA3071. The company is also in discussions with potential strategic partners to out-license one of its Phase 2 assets, which include BA3011, BA3021, and BA3071.
Additionally, BioAtla reported a narrowed net loss of $10.6 million for the third quarter of 2024, down from $33.3 million for the same period in the previous year. The decrease in net loss was largely attributed to reduced research and development expenses, which fell to $16.4 million from $28.4 million. The company’s cash and cash equivalents stood at $56.5 million, expected to fund operations into early 2026. These are the most recent developments in BioAtla’s operations.
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