Genprex Inc. Receives Nasdaq Notification Regarding Minimum Bid Price Requirement
Genprex Inc., a pharmaceutical company based in Austin, Texas, has received a notification from Nasdaq regarding its failure to meet the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company's common stock has been trading below $1.00 for the last 30 consecutive business days.
Despite this warning, Genprex's stock will continue to trade on Nasdaq without immediate repercussions. The company has been given a 180-day period until March 25, 2025, to boost its stock price above $1.00 for at least 10 consecutive business days in order to regain compliance. Nasdaq may extend this period at its discretion.
If Genprex fails to meet the requirement by the Compliance Date, it may be granted an additional 180-day period to correct the deficiency, potentially through a reverse stock split. However, failure to regain compliance could lead to delisting, with the right to appeal any decision.
In other news, Genprex has announced the formation of a Mesothelioma Clinical Advisory Board and reported progress in its lung cancer gene therapy trials. The company has also secured a new patent for Reqorsa® Gene Therapy.
Genprex plans to spin off its diabetes gene therapy program into a new subsidiary named NewCo to focus on the development of GPX-002. Analyst firm H.C. Wainwright has initiated coverage of Genprex's stock with a Buy rating, and there have been leadership changes within the company.
In conclusion, Genprex's stock faces challenges due to its failure to meet Nasdaq's minimum bid price requirement. The company has a limited time to boost its stock price and regain compliance to avoid potential delisting. The progress in its clinical trials and new patent acquisitions could positively impact its future performance. Investors should closely monitor Genprex's stock and any further updates from the company.