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Cellectar Biosciences Inc. (NASDAQ:CLRB), a pharmaceutical company with a market capitalization of $10.38 million, has been notified by Nasdaq that it is not in compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
The company’s common stock, currently trading at $0.25, has fallen below the $1.00 minimum bid price per share that is required.
According to InvestingPro data, the stock has declined over 93% in the past year. This notice, received on Thursday, does not immediately affect the listing of Cellectar’s stock, which will remain on the Nasdaq Capital Market.
The company has been given a 180-day period, until July 29, 2025, to regain compliance with the minimum bid price rule. During this time, Cellectar must maintain a bid price of at least $1.00 for a minimum of ten consecutive business days. InvestingPro analysis indicates the company’s overall financial health score is weak, with analysts setting price targets ranging from $1 to $13.
If Cellectar fails to meet the requirement within the allotted time, it may be granted an additional 180 days, provided it meets all other listing standards except the bid price, and it signals its intent to resolve the deficiency, potentially through a reverse stock split.
There is no certainty that Cellectar will achieve compliance within the grace period or any extension period provided by Nasdaq. Failure to regain compliance could lead to a delisting determination, although the company would have the right to appeal and present a plan to regain compliance at a hearing before a Nasdaq Hearings Panel.
Cellectar, headquartered in Florham Park, New Jersey, focuses on the development of pharmaceutical preparations. The company’s shares continue to trade on the Nasdaq under the ticker CLRB. This information is based on a press release statement.
In other recent news, Cellectar Biosciences, a micro-cap biotech company, has seen a flurry of developments. The firm’s lead program, Iopofosine I131, aimed at treating Waldenstrom’s macroglobulinemia, has been the focus of discussions with regulatory authorities, with a defined regulatory pathway expected in the first half of 2025. Oppenheimer has maintained a Perform rating on Cellectar’s stock, emphasizing the need for a clear direction for the Iopofosine I131 program.
The company has also announced an extension of its financial runway, with existing funds expected to sustain operations into the fourth quarter of 2025. Additionally, Cellectar has secured a 10-year supply of actinium-225 from NorthStar Medical (TASE:PMCN) Radioisotopes, a critical component for its CLR 121225 development program.
In a strategic shift, Cellectar is exploring options for the development and commercialization of Iopofosine I131, while advancing its radiotherapeutic assets into Phase 1 clinical studies for solid tumors. This includes a significant reduction in its workforce by approximately 60%, expected to be completed by the end of the fourth quarter of 2024.
Finally, Cellectar has taken corrective action to rectify an omission in its Annual Report, ensuring compliance with Securities and Exchange Commission regulations.
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