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ProMIS Neurosciences Inc., a pharmaceutical company with a market capitalization of $35 million, has received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating a non-compliance with the exchange's minimum bid price requirement.
According to InvestingPro analysis, the company appears to be trading below its Fair Value. The company's common shares did not meet the $1 minimum bid price as required by Nasdaq's Listing Rule 5550(a)(2) for 30 consecutive trading days prior to the notice.
As of Monday, ProMIS's stock, trading under the ticker NASDAQ:PMN, continues to be listed on The Nasdaq Capital Market. The stock, currently trading at $1.02, has experienced a significant decline of 46% over the past six months, though it maintains a strong current ratio of 9.3, indicating solid short-term liquidity.
The company has been granted a 180-day period, until July 2, 2025, to regain compliance with the minimum bid price rule. This requires that the closing bid price of the common shares must be at least $1.00 per share for at least ten consecutive trading days.
If ProMIS Neurosciences fails to achieve compliance within this timeframe, it may be eligible for an additional grace period of 180 days, provided it meets all other listing requirements except the minimum bid price rule and submits a written notice of its intention to resolve the deficiency.
The company is considering options to address the issue and regain compliance, but there is no certainty that it will be able to meet the Nasdaq's minimum bid price requirement. The forward-looking statements in the press release emphasize the company's intention to actively monitor its share price and explore available solutions to meet the exchange's standards.
InvestingPro subscribers can access additional insights through 7 more ProTips and comprehensive financial metrics to better assess the company's outlook. However, these statements are subject to risks and uncertainties, including the possibility that the company may not regain compliance and could face delisting.
This news is based on a recent SEC filing by ProMIS Neurosciences Inc.
In other recent news, ProMIS Neurosciences Inc. has reported positive results from a Phase 1a clinical trial of its lead product candidate, PMN310, for Alzheimer's disease.
The successful completion of the trial has set the stage for a 12-month multiple ascending dose Phase 1b clinical trial, which is planned to commence by the end of 2024. In addition to this, the shareholders of ProMIS have voted in favor of a significant stock issuance proposal, facilitating regulatory compliance.
The company has also announced the official appointment of Neil Warma as President and CEO, following his interim role since December 2023. ProMIS has regained NASDAQ compliance and secured approximately $30.3 million through a private investment in public equity financing agreement, with firms such as Guggenheim Securities, Ceros Financial Services, and Leede Financial. The financing is expected to support the clinical development of PMN310.
These recent developments reflect ProMIS Neurosciences' ongoing efforts in the pursuit of a differentiated treatment for Alzheimer's disease.
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