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Spruce Biosciences, Inc., a pharmaceutical company with a market capitalization of $2.57 million, announced that it has been granted an extension by the Nasdaq Hearings Panel to regain compliance with the exchange’s minimum bid price requirement. The company’s common stock, which had been suspended from trading on the Nasdaq Capital Market on April 29, 2025, due to non-compliance, began trading on the OTC Pink Marketplace under the symbol "SPRB" on the same date. According to InvestingPro data, the stock is currently trading at $0.06, near its 52-week low, having declined over 90% in the past year.
On April 22, 2025, Spruce Biosciences received a Delisting Notice from Nasdaq for failing to meet the minimum bid price requirement. Following an appeal and a submitted Compliance Plan, the company met with the Hearings Panel on May 29, 2025. The Panel’s positive response on June 9, 2025, allows the company’s stock to resume trading on Nasdaq, provided compliance is achieved by August 5, 2025. The Panel will oversee the company’s compliance status until October 20, 2025. InvestingPro analysis indicates the company’s overall financial health score is currently rated as WEAK, with 16 additional key insights available to subscribers.
To address the compliance issue, Spruce Biosciences is considering a reverse stock split, subject to stockholder approval at the upcoming Annual Meeting on July 22, 2025. The proposed reverse stock split ratio ranges between 1-for-50 and 1-for-100.
This development is a crucial step for Spruce Biosciences as it works to meet Nasdaq’s requirements and provides the company with a clear timeline to regain its standing on the market. This news is based on a press release statement and reflects the company’s ongoing efforts to maintain its market presence and fulfill regulatory obligations.
In other recent news, Spruce Biosciences has announced a 55% workforce reduction as part of a strategic shift to prioritize the development of tralesinidase alfa, an enzyme replacement therapy for Sanfilippo Syndrome Type B. The company also faces a potential delisting from the Nasdaq stock market due to non-compliance with the minimum bid price requirement, and it plans to appeal this decision while considering a reverse stock split. In terms of financial updates, Spruce Biosciences reported cash and cash equivalents of $38.8 million as of December 31, 2024, with an expected cash runway through the end of 2025. The company has delayed its Annual Report filing for the fiscal year ended December 31, 2024, citing provisional financial estimates that are not yet final. Citizens JMP has maintained a Market Perform rating on Spruce Biosciences, noting the company’s pipeline expansion with new candidates like tralesinidase alfa. The company plans to submit a Biologics License Application for this therapy in the first half of 2026, aiming for accelerated approval. Additionally, Spruce Biosciences has acquired two preclinical candidates, SPR202 and SPR204, to further expand its drug development efforts. These developments reflect Spruce Biosciences’ ongoing efforts to address rare diseases through innovative therapies.
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