Incannex Healthcare stock tumbles after filing $100M offering
Ocugen, Inc. (NASDAQ:OCGN), a $269.25 million market cap biotechnology company currently trading at $0.93, announced Tuesday it has received an additional 180 calendar days from the Nasdaq Stock Market to regain compliance with the minimum closing bid price requirement of $1.00 per share for continued listing on the Nasdaq Capital Market. InvestingPro data shows the stock has demonstrated high volatility with a beta of 4.24.
According to a statement based on an SEC filing, the extension allows Ocugen until December 29, 2025, to meet the requirement set by Nasdaq Listing Rule 5550(a)(2). The company was first notified on December 31, 2024, that its common stock had closed below $1.00 per share for 30 consecutive business days, triggering the initial compliance period, which was set to expire June 30, 2025. Despite compliance challenges, InvestingPro analysis reveals the company maintains a healthy current ratio of 2.6, indicating sufficient liquid assets to meet short-term obligations.
Under the terms of the extension, Ocugen will be considered compliant if its common stock closes at or above $1.00 per share for at least 10 consecutive business days before the December 29, 2025 deadline. If the company does not achieve compliance by that date, Nasdaq staff will notify Ocugen that its common stock is subject to delisting. At that point, Ocugen would have the opportunity to appeal the determination to a Nasdaq Hearing Panel.
The company’s common stock continues to trade on the Nasdaq Capital Market under the symbol OCGN.
All information is based on a press release statement contained in the company’s SEC filing.
In other recent news, Ocugen, Inc. announced a definitive merger agreement between its wholly-owned subsidiary, OrthoCellix, and Carisma Therapeutics Inc. This all-stock transaction is set to create a Nasdaq-listed company focused on orthopedic diseases, with plans to develop OrthoCellix’s NeoCart technology for knee cartilage repair. Ocugen also received clearance from the U.S. Food and Drug Administration to begin a Phase 2/3 trial for its gene therapy OCU410ST, aimed at treating Stargardt disease, which has previously received Rare Pediatric Disease and Orphan Drug designations. Furthermore, Ocugen inked a licensing deal with a leading Korean pharmaceutical company for its gene therapy OCU400, targeting retinitis pigmentosa. The agreement includes upfront fees and development milestones totaling up to $11 million, alongside sales milestones and royalties. Ocugen will retain responsibility for manufacturing the commercial supply of OCU400. The company plans to advance OCU400 through Phase 3 clinical development, with a Biologics License Application filing expected by mid-2026. These developments reflect Ocugen’s strategic efforts to expand its reach in gene therapy treatments while enhancing shareholder value.
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