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ProMIS Neurosciences Inc. (NASDAQ:PMN) announced Monday that it has received an additional 180-day extension from the Nasdaq Stock Market LLC to regain compliance with the exchange’s minimum bid price requirement.
According to a statement based on a recent SEC filing, the company was previously notified on January 8 that its common shares had closed below the required $1.00 per share minimum for 30 consecutive business days, as stipulated by Nasdaq Listing Rule 5550(a)(2). The initial deadline to regain compliance was July 2.
Nasdaq has now granted ProMIS Neurosciences until December 29 to meet the minimum bid price rule. The extension was provided because the company meets all other initial listing standards for the Nasdaq Capital Market, except for the bid price rule, and has provided written notice of its intention to cure the deficiency, including potentially implementing a reverse stock split if necessary.
The company’s shares will continue to trade on the Nasdaq Capital Market under the symbol PMN during this extension period.
If ProMIS Neurosciences does not regain compliance by the new deadline, Nasdaq will notify the company that its shares are subject to delisting. At that point, the company may appeal the delisting determination to a Nasdaq hearings panel.
The company stated that receipt of the extension does not affect its business operations or reporting obligations with the Securities and Exchange Commission.
This information is based on a press release statement included in the company’s recent SEC filing.
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