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Silo Pharma , Inc. (NASDAQ:SILO) announced it received a notification letter from The Nasdaq Stock Market on June 27 stating the company is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). This rule requires listed securities to maintain a minimum bid price of $1.00 per share. According to the company’s statement, the deficiency was based on the closing bid price of Silo Pharma’s common stock from May 14 to June 26.
The notification does not immediately affect the listing or trading of the company’s common stock, which will continue to trade on The Nasdaq Capital Market under the symbol SILO.
Silo Pharma has 180 calendar days, or until December 24, 2025, to regain compliance with the minimum bid price rule. To do so, the company’s common stock must have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. If Silo Pharma does not regain compliance by the deadline, it may be eligible for an additional 180-day compliance period, provided it meets other continued listing requirements and notifies Nasdaq of its intention to cure the deficiency, which may include a reverse stock split.
If the company does not qualify for the second compliance period or fails to regain compliance during that time, Nasdaq will notify Silo Pharma of its determination to delist the company’s common stock. At that point, the company would have an opportunity to appeal the decision to a Nasdaq Hearings Panel.
Silo Pharma stated it intends to monitor the closing bid price of its common stock and may consider available options, including a reverse stock split, to regain compliance with Nasdaq’s minimum bid price requirement.
This information is based on a press release statement and a filing with the Securities and Exchange Commission.
In other recent news, Silo Pharma has announced several significant developments. The company revealed that the U.S. Patent and Trademark Office has issued a Notice of Allowance for a patent application related to its PTSD treatment technology, SPC-15. This patent, expected to be officially issued in 2025, is licensed from Columbia University and offers protection for the treatment’s key technology. Silo Pharma has also set a public offering of securities at $0.60 per share and warrant, with anticipated gross proceeds of approximately $2 million. The offering will be facilitated by H.C. Wainwright & Co. and is intended to support general working capital.
Additionally, Silo Pharma has made a strategic decision to diversify its treasury reserves by allocating up to $1 million in Bitcoin, aiming to hedge against inflation and potentially enhance long-term shareholder value. The company has also entered into a service agreement with Resyca BV to conduct a drug-device study for its PTSD treatment, SPC-15, in preparation for an FDA Investigational New Drug submission. These recent developments reflect Silo Pharma’s efforts to advance its therapeutic programs and optimize its financial strategy.
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