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Palisade Bio, Inc. (NASDAQ:PALI) announced Wednesday that it has regained compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company received confirmation from the Nasdaq Listing Qualifications Department that it now meets the criteria under Listing Rule 5550(a)(2), closing a matter that had been open since April 30, when Palisade Bio was notified its common stock had traded below $1.00 per share for 30 consecutive trading days. The stock has shown remarkable recovery, posting a 147% return over the past six months, though it recently experienced a 17.6% decline in the past week.
The company had been given until October 27 to restore compliance with the minimum bid price rule. According to the filing, there is no assurance Palisade Bio will be able to maintain compliance with the rule in the future. InvestingPro data shows the stock currently trades at $1.73, well above its 52-week low of $0.53, though analysts maintain a cautious outlook with downward earnings revisions for the upcoming period.
In a corporate update also disclosed Wednesday, Palisade Bio reported that, as of October 15, it held approximately $133.3 million in cash and cash equivalents. The company also reported 133,002,572 shares of common stock outstanding, along with pre-funded warrants to purchase up to 73,271,424 additional shares.
Palisade Bio is incorporated in Delaware and is headquartered in Carlsbad, California. The information in this article is based on a statement in a press release filed with the Securities and Exchange Commission.
In other recent news, Palisade Bio, Inc. announced the successful closing of its public offering, raising approximately $138 million in gross proceeds. This offering, priced at $0.70 per share, included the full exercise of the underwriter’s over-allotment option. The company had initially aimed to raise $120 million through the issuance of 171,440,559 shares but exceeded this target. Additionally, Palisade Bio received a Canadian patent for its lead drug candidate, PALI-2108, which is being developed for conditions like fibrostenotic Crohn’s disease and ulcerative colitis. This patent provides protection until May 2041. In other developments, the company had to adjourn its special shareholder meeting due to a lack of quorum, with plans to reconvene on October 10, 2025. The meeting was adjourned as fewer than one-third of the outstanding shares entitled to vote were represented. These recent developments highlight Palisade Bio’s ongoing efforts in drug development and shareholder engagement.
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