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Plus Therapeutics, Inc. (NASDAQ:PSTV), a small-cap biotechnology company with a market capitalization of $44.21 million, announced Wednesday that it has been granted an extension by a Nasdaq Hearings Panel to regain compliance with Nasdaq Capital Market listing standards. The information is based on a statement in a recent SEC filing.
According to the filing, Plus Therapeutics had previously been notified on June 3 by the Nasdaq Listing Qualifications Department that it was not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies to maintain a minimum of $2.5 million in stockholders’ equity. The company reported a stockholders’ deficit of $23.6 million as of March 31, 2025.
Following the notification, Nasdaq staff determined to delist the company’s securities unless Plus Therapeutics appealed the decision. The company requested a hearing, which was held on July 15.
On July 22, the panel granted Plus Therapeutics continued listing on Nasdaq, subject to certain conditions. The company must demonstrate compliance with the minimum stockholders’ equity requirement by Thursday, August 14, by filing a public disclosure describing the transactions undertaken to achieve compliance and providing an updated indication of its equity position. The filing may include a balance sheet not older than 60 days with pro forma adjustments for significant events.
Additionally, Plus Therapeutics is required to comply with Nasdaq Listing Rule 5550(a)(2) by maintaining a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days on or before September 8, 2025.
The company’s common stock continues to trade on the Nasdaq Capital Market under the symbol PSTV.
All information in this article is based on a statement from a press release filed with the Securities and Exchange Commission. For a comprehensive analysis of Plus Therapeutics’ financial health and market position, investors can access the detailed Pro Research Report available exclusively on InvestingPro, part of the platform’s coverage of over 1,400 US equities.
In other recent news, Plus Therapeutics, Inc. has announced the commercial rollout of its CNSide cerebrospinal fluid diagnostic platform, set to begin in Texas in the second half of 2025. This platform aims to diagnose and monitor central nervous system cancer metastases, with initial availability at prominent cancer centers such as MD Anderson Cancer Center and Baylor Scott & White Health. Additionally, Plus Therapeutics has received a $1.6 million advance from the Cancer Prevention and Research Institute of Texas, contributing to its $17.6 million grant. The company anticipates around $6 million in further funding over the next year. In clinical developments, Plus Therapeutics has started treating patients in the ReSPECT-LM dose optimization trial for its drug REYOBIQ, targeting leptomeningeal metastases. Meanwhile, H.C. Wainwright has adjusted its price target for Plus Therapeutics to $3.00, down from $5.50, but maintains a Buy rating. The company has also established a centralized testing facility in Houston to support its diagnostic platform’s launch. These developments highlight Plus Therapeutics’ ongoing efforts in expanding its diagnostic and therapeutic offerings.
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