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Estrella Immunopharma, Inc., a biopharmaceutical company, announced today that it has regained compliance with Nasdaq's stockholders’ equity and minimum bid price requirements. The Emeryville, California-based company, which specializes in biological products, received notification from the Nasdaq Stock Market that it had satisfied the conditions for continued listing on The Nasdaq Capital Market.
The company initially received a Stockholders’ Equity Requirement Notice on November 19, 2024, indicating that it did not meet the minimum stockholders’ equity threshold as stipulated by Nasdaq Listing Rule 5550(b)(1). However, as of December 11, the company's market value of listed securities had been $35,000,000 or greater for 10 consecutive business days, from November 25 to December 10, 2024, thus resolving the compliance issue.
Furthermore, Estrella Immunopharma had also been under scrutiny for not meeting the Minimum Bid Price Requirement, with its common stock's bid price falling below $1.00 per share for 30 consecutive business days. The company also addressed this concern by maintaining a closing bid price of at least $1.00 per share for 10 consecutive business days within the same period. Currently trading at $1.27, the stock sits between its 52-week range of $0.63 to $3.23.
The company's common stock and warrants are traded on The Nasdaq Stock Market under the symbols ESLA and ESLAW, respectively. With these matters now closed, Estrella Immunopharma has successfully averted the risk of delisting from the exchange.
In other recent news, Estrella Immunopharma has extended its stock sale agreement with White Lion in a move to strengthen its financial position. This amendment introduces a "Rapid Purchase" mechanism, aiding liquidity and capital access for the company. In parallel, Estrella Immunopharma faces potential delisting from the Nasdaq Capital Market due to an equity shortfall. The company has until early next year to submit a plan to regain compliance.
Estrella Immunopharma has also announced a new employment agreement with CEO Dr. Cheng Liu, which includes an annual base salary of $250,000, along with potential bonuses and incentive equity awards based on performance. Furthermore, the company appointed Hong Zhang as the Chairperson of its Board of Directors.
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