Summary by Moomoo AI
Avenue Therapeutics, Inc. reported on March 11, 2024, that it has received an extension from the Nasdaq Hearings Panel to regain compliance with Nasdaq's minimum stockholders' equity and bid price requirements by May 20, 2024. The company had previously been notified of non-compliance with the stockholders' equity requirement in May 2023 and the bid price requirement in September 2023. Despite submitting a compliance plan, Avenue Therapeutics was unable to meet the stockholders' equity requirement by the initial deadline, leading to a formal notice of potential delisting in November 2023. The company requested a hearing, which took place on February 15, 2024, and resulted in the granted extension. Avenue Therapeutics must now demonstrate a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days by the new deadline. The company is exploring all available options to regain compliance, but there is no assurance of success. The report also contains forward-looking statements regarding the company's plans and potential risks and uncertainties that may affect its financial condition and business prospects.