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Conduit Pharmaceuticals Inc. has announced its compliance with the Nasdaq Capital Market’s listing requirements. The pharmaceutical company, which operates under the trading symbols CDT for its common stock and CDTTW for its redeemable warrants, has successfully met the Market Value of Publicly Held Securities standard, with a value exceeding $1.0 million. The micro-cap company, currently valued at $5.2 million, has seen its stock price decline 88% year-to-date to $0.72.
On Sunday, March 31, 2025, Conduit Pharmaceuticals provided Nasdaq with a pro-forma financial statement, demonstrating stockholder’s equity of $2.8 million. This figure surpasses the Nasdaq Capital Market Equity Standard’s minimum requirement of $2.5 million in stockholder’s equity. This submission accounts for anticipated losses for the first quarter of 2025.
The company, formerly known as Murphy Canyon Acquisition Corp. before changing its name on November 30, 2021, has its principal executive offices located at 4851 Tamiami Trail North, Suite 200, Naples, FL. Conduit Pharmaceuticals, classified under the pharmaceutical preparations industry with a Standard Industrial Classification code of 2834, is incorporated in Delaware and ends its fiscal year on December 31.
This update on Nasdaq deficiency compliance is a significant step for Conduit Pharmaceuticals, as it continues to meet the regulatory standards required for continued listing on the exchange. The company’s CEO, David Tapolczay, has signed off on the report, as filed with the Securities and Exchange Commission on April 1, 2025. The information provided in this article is based on the company’s recent SEC filing.
In other recent news, Conduit Pharmaceuticals Inc. has made significant strides in its research and development efforts, particularly in the field of autoimmune diseases. The company is advancing preclinical studies for lupus and planning a Phase IIa clinical trial for its drug candidates. Additionally, Conduit has secured intellectual property rights for its lead asset, AZD1656, with patents granted in Japan and Australia, and approvals anticipated from the USPTO and European Patent Office. In another development, Conduit Pharmaceuticals has been granted an extension by Nasdaq until March 31, 2025, to meet listing requirements, having already regained compliance with the minimum bid price rule. The company plans to transfer to the Nasdaq Capital Market to align with listing standards. Financially, Conduit has fully repaid a $926,149 Senior Note to Nirland Limited and converted $1.7 million of a senior secured note into common stock, aiming to strengthen its balance sheet. To further comply with Nasdaq standards, Conduit implemented a 1-for-100 reverse stock split to boost its share price. These actions reflect the company’s ongoing efforts to maintain its Nasdaq listing and advance its pipeline.
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