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Incannex Healthcare Inc. (NASDAQ:IXHL) announced Wednesday it has received a second 180-day grace period from Nasdaq to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
According to a statement based on a recent SEC filing, Incannex Healthcare was first notified on April 23 by Nasdaq that its common stock had closed below $1.00 per share for 30 consecutive trading days, failing to meet the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1). The company was initially given until October 20 to restore compliance.
On July 10, Incannex transferred its listing from the Nasdaq Global Market to the Nasdaq Capital Market to meet continued listing requirements, except for the bid price rule.
On Tuesday, the company received a letter from Nasdaq indicating it is eligible for a second 180-day compliance period, extending the deadline to April 20, 2026. This extension was granted because Incannex continues to meet all other initial listing standards and has provided written notice of its intention to address the deficiency, including the possibility of a reverse stock split if necessary.
To regain compliance, the company’s stock must close at or above $1.00 per share for a minimum of 10 consecutive business days during the grace period. Nasdaq may extend this requirement to up to 20 consecutive business days at its discretion.
The company’s common stock will continue to trade on the Nasdaq Capital Market during this period, provided it meets all other continued listing requirements.
This information is based on a press release statement and the company’s SEC filing.
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