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Lunai Bioworks Inc. (NASDAQ:LNAI) announced Thursday it received a notice from the Nasdaq Stock Market LLC on Monday indicating that the company is not in compliance with the $35 million minimum market value of listed securities requirement, as set forth in Nasdaq Listing Rule 5550(b)(2) for the Capital Market. The company’s current market capitalization stands at just $22.25 million, significantly below the Nasdaq requirement.
According to a statement in the SEC filing, the notification was issued after Lunai Bioworks’ market value of listed securities remained below $35 million for the prior 30 consecutive business days. Under Nasdaq rules, the company has 180 calendar days, or until April 27, 2026, to regain compliance.
To meet the requirement, Lunai Bioworks’ market value must close at $35 million or more for at least 10 consecutive business days during the compliance period. If the company achieves this, Nasdaq will provide written confirmation that the deficiency has been resolved.
The company noted that the notice does not have any immediate effect on the listing or trading of its common stock, which will continue to trade on the Nasdaq Capital Market under the symbol LNAI.
If Lunai Bioworks does not regain compliance by the end of the compliance period, Nasdaq will notify the company that its securities are subject to delisting. The company would then have the right to appeal the determination to a Nasdaq Hearings Panel, which would stay the delisting pending a decision.
Lunai Bioworks stated it intends to monitor its market value and may consider available options, including potential corporate actions, to regain compliance within the prescribed period.
This information is based on a press release statement contained in the company’s recent SEC filing.
In other recent news, Lunai Bioworks announced a significant 35% improvement in Alzheimer’s diagnostic accuracy through its Augusta AI platform. The company is advancing this technology with a new preclinical Alzheimer’s program and has signed its first commercial contract to identify early markers of the disease. Additionally, Lunai Bioworks reported a 10:1 reverse stock split, which will take effect in September 2025, to meet Nasdaq’s minimum bid price requirements. In a separate development, Lunai’s subsidiary, Gedi Cube B.V., filed for bankruptcy in Amsterdam, prompting the company to implement contingency plans to mitigate potential business disruptions. Meanwhile, Lunai Bioworks has partnered with American Defense International to develop countermeasures against chemical and biological weapons, aligning its AI biomedical platforms with government initiatives. The company also recently changed its corporate name from Renovaro Inc. to Lunai Bioworks Inc., although it will continue to trade under the Nasdaq symbol RENB. These developments highlight Lunai Bioworks’ ongoing efforts to expand its technological capabilities and navigate financial and operational challenges.
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