XTL Biopharmaceuticals receives NASDAQ notification regarding minimum bid requirements.
XTL Biopharmaceuticals Ltd., a clinical-stage biopharmaceutical company developing its lead product for the treatment of autoimmune diseases, announced that it received a notice from The NASDAQ Stock Market that the company is not in compliance with NASDAQ’s Listing Rule 5450(a)(1) because the minimum bid price of the company’s American Depositary Shares (ADSs) has closed below $1 per share for 30 consecutive business days. The notification of noncompliance has no immediate effect on the listing or trading of the company’s ADSs on The Nasdaq Capital Market.
The company has 180 days, or until May 8, 2017, to achieve compliance with the minimum bid price requirement. To regain compliance, the minimum bid price of the company’s ADSs must meet or exceed $1 per share for a minimum of 10 consecutive business days during this 180-day grace period.
If the company does not regain compliance with the rule by May 8, 2017, the company may be eligible for an additional 180 day compliance period.
(Source: PR Newswire)