Summary by Moomoo AI
Avenue Therapeutics, Inc. reported on March 29, 2024, that it has received a delisting notice from Nasdaq due to the company's failure to maintain the minimum bid price requirement. The company's common stock had been trading below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). Although a 180-day grace period ending March 25, 2024, was granted to regain compliance, Avenue Therapeutics was unable to meet the requirement. Despite the delisting determination issued on March 26, 2024, the company's listing status remains unaffected for now, following a decision by the Nasdaq Hearings Panel on March 11, 2024, which granted an extension until May 20, 2024, for the company to demonstrate compliance with the minimum stockholders’ equity and bid price rules. Avenue Therapeutics is exploring all available options to regain compliance, but there is no guarantee of success.