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Plus Therapeutics, Inc. (NASDAQ:PSTV), a medical device company with a market capitalization of $9.26 million, announced today that it has regained compliance with the Nasdaq Stock Market’s minimum stockholders’ equity requirement. According to InvestingPro data, the stock has shown remarkable momentum with a 137.88% return over the past week. The confirmation, received in a letter from Nasdaq dated March 7, 2025, follows the company’s successful private placement that was previously reported on March 4, 2025.
The private placement’s funds, which were held in escrow pending Nasdaq’s approval, are now being released. This development comes after the company was given a deadline until March 4, 2025, to demonstrate compliance with the Nasdaq Listing Rule 5550(b)(1). Plus Therapeutics disclosed this compliance requirement in a Form 8-K filed on November 1, 2024. The company’s financial health score is rated as "Fair" by InvestingPro, with analysts setting price targets ranging from $4 to $32.
As part of maintaining its compliance status, Plus Therapeutics will be monitored by a Mandatory Panel Monitor until March 7, 2026, as stipulated by Nasdaq Listing Rule 5815(d)(4)(B). During this period, if the company fails to meet the minimum stockholders’ equity requirement again, it will not be allowed to submit a plan of compliance or be granted additional time to regain compliance. Instead, Nasdaq would issue a Delist Determination Letter, at which point Plus Therapeutics would have the right to request a hearing panel regarding its continued listing on the exchange.
The return to compliance marks a critical step for Plus Therapeutics, ensuring its continued listing on The Nasdaq Capital Market and providing stability for its shareholders. This information is based on the company’s SEC filing. While the company holds more cash than debt on its balance sheet, InvestingPro analysis reveals that short-term obligations exceed liquid assets with a current ratio of 0.44, suggesting careful liquidity management will be crucial going forward.
In other recent news, Plus Therapeutics, Inc. announced that it has regained compliance with Nasdaq’s minimum stockholders’ equity requirement, ensuring its continued listing on The Nasdaq Capital Market. The company also received a significant boost as the U.S. Food and Drug Administration granted Orphan Drug Designation to its investigational treatment, Rhenium (186Re) Obisbemeda, for leptomeningeal metastases in lung cancer patients. This designation offers potential market exclusivity and financial incentives, which are crucial for the company’s development efforts. Plus Therapeutics has determined a recommended Phase 2 dose for its ReSPECT-LM Phase 1 trial, achieving a complete response in one patient and advancing to further trials.
Additionally, Plus Therapeutics secured approximately $5.7 million in funding through a private placement and an advance from the Cancer Prevention and Research Institute of Texas, aimed at supporting clinical trials and the CNSide LM diagnostic test. The appointment of Dr. Michael Rosol as Chief Development Officer marks a strategic move as the company prepares for pivotal trials. His extensive experience in clinical trial design and regulatory execution is expected to support the company’s transition from mid-stage to pivotal trials. These developments underscore Plus Therapeutics’ ongoing efforts to enhance clinical outcomes for central nervous system cancer patients.
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