Akili, Inc. (NASDAQ: AKLI), a biopharmaceutical company, announced today that it has secured an additional 180-day grace period to satisfy Nasdaq's minimum bid price requirement. The Nasdaq Capital Market has granted the extension until October 21, 2024, following Akili's appeal and commitment to address the issue, potentially through a reverse stock split if necessary.
The company initially received notice on October 24, 2023, that its stock had not met the $1.00 minimum closing bid price for 30 consecutive business days, as stipulated by the Nasdaq Listing Rule 5550(a)(2). This rule is a standard requirement for continued listing on the exchange.
Akili's current listing on the Nasdaq Capital Market remains unaffected by the Extension Notice. To regain compliance, the company's common stock will need to maintain a closing bid price of at least $1.00 for ten consecutive business days before the new deadline in October.
Should Akili fail to meet the bid price requirement within the extended timeframe, Nasdaq will issue a notification of its intention to delist the company's stock. Akili would then have the opportunity to appeal the decision before a hearings panel. The company has expressed its intent to actively monitor its stock's closing bid price and to consider all available options to rectify the deficiency and achieve compliance.
There is no certainty that Akili will successfully meet the Nasdaq's listing criteria or maintain its common stock listing on the Nasdaq Capital Market. This news is based on a press release statement from the company and reflects the current status of Akili's regulatory compliance efforts with the stock exchange.
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