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Conduit Pharmaceuticals Inc., currently valued at $1.28 million and showing a weak financial health score according to InvestingPro analysis, has been granted an extension by The Nasdaq Stock Market LLC to regain compliance with certain listing rules, according to a recent 8-K filing. The extension, confirmed on Tuesday, allows the company until March 31, 2025, to meet Nasdaq’s Market Value of Publicly Held Shares (MVPHS) and Market Value of Listed Securities (MVLS) requirements.
The pharmaceutical company, which specializes in pharmaceutical preparations, was previously out of compliance with Nasdaq’s minimum bid price rule. The company’s stock has faced significant challenges, losing over 99% of its value in the past year, with particularly high volatility indicated by its beta of 2.27. As of February 26, 2025, Conduit Pharmaceuticals regained compliance with this rule.
In the Notice received from the Nasdaq Hearing Panel, the company is expected to file an application to transfer to the Nasdaq Capital Market by March 12, 2025, a move Conduit intends to make. This transfer will align the company’s current MVPHS with the Nasdaq Capital Market’s continued listing standard of over $1.0 million.
Furthermore, Conduit Pharmaceuticals is confident it will demonstrate compliance with the Equity Standard of Stockholder’s Equity greater than $2.5 million before the March deadline. This optimism is in line with their efforts to satisfy all Nasdaq listing rules, although the company acknowledges there can be no assurance of this outcome.
The company’s common stock, with a par value of $0.0001 per share, is traded under the ticker symbol CDT, and its redeemable warrants are traded as CDTTW, both on The Nasdaq Stock Market LLC. InvestingPro data shows the stock’s high volatility and challenging financial position, with detailed analysis available for subscribers looking to make informed investment decisions.
This development follows Conduit Pharmaceuticals’ previous name as Murphy Canyon Acquisition Corp. before the name change on November 30, 2021. The company, incorporated in Delaware, is headquartered in Naples, Florida, and led by CEO David Tapolczay.
This report is based on a press release statement and provides an overview of the company’s current regulatory compliance status with Nasdaq.
In other recent news, Conduit Pharmaceuticals has been actively addressing its compliance issues with Nasdaq’s listing requirements. The company recently repaid a $600,000 promissory note to Nirland Limited, effectively eliminating that debt. Additionally, approximately $1.7 million of a senior secured promissory note was converted into common stock, a move that could potentially strengthen Conduit’s balance sheet. A 1-for-100 reverse stock split was also implemented to meet Nasdaq’s minimum bid price requirement, following stockholder approval. This reverse split reduced the total number of outstanding shares to approximately 1.5 million, with trading on a split-adjusted basis commencing on January 27, 2025.
Moreover, Conduit’s stockholders approved the issuance of up to 135,862,596 shares of common stock related to various financial instruments, supporting the company’s capital strategy. Despite these efforts, Conduit is still facing potential delisting due to non-compliance with Nasdaq’s market value requirements. The company has requested a hearing with the Nasdaq Hearing Panel to present its compliance plan, delaying any delisting action until a decision is made. Meanwhile, Simon Fry has been appointed as a director and member of the Audit and Compensation Committees, helping the company regain compliance with Nasdaq’s audit committee listing requirements.
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