Genprex (NASDAQ:GNPX) Inc., a pharmaceutical company based in Austin, Texas, received a notification from Nasdaq on Thursday, stating that it no longer meets the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The biotechnology firm's common stock has been trading below the $1.00 minimum bid price for the last 30 consecutive business days.
Despite the warning, Genprex's stock will continue to trade on Nasdaq without immediate repercussions. To regain compliance, the company has been given an initial 180-day period until March 25, 2025, to boost its stock price above $1.00 for at least 10 consecutive business days. Nasdaq may extend this 10-day period at its discretion.
If Genprex fails to meet the requirement by the Compliance Date, it may be granted an additional 180-day period, provided it meets all other initial listing standards, with the exception of the bid price. The company would also need to notify Nasdaq of its intent to correct the deficiency, potentially through a reverse stock split.
Should the company be unable to regain compliance or if Nasdaq believes that compliance cannot be achieved, Genprex could face delisting. However, the company would have the right to appeal any delisting decision.
In other recent news, Genprex, Inc. announced the formation of a Mesothelioma Clinical Advisory Board, supporting the company's oncology program and the development of its Reqorsa® Gene Therapy. The company also reported progress in its Acclaim-1 and Acclaim-3 lung cancer gene therapy trials, noting prolonged progression-free survival in two Acclaim-1 patients and partial remission in the first treated Acclaim-3 patient. Furthermore, Genprex secured a new patent for Reqorsa® Gene Therapy from the Singapore Patent Office.
In addition, the company has plans to spin off its diabetes gene therapy program into a new subsidiary, named NewCo, to further focus on the development of GPX-002, a gene therapy drug candidate for Type 1 and Type 2 diabetes. This spin-off is expected to be completed by the end of 2024.
Analyst firm H.C. Wainwright has initiated coverage of Genprex's stock with a Buy rating. In terms of leadership changes, Ryan M. Confer now serves as President, CEO, and CFO, and Brent M. Longnecker has been elected as a Class I director.
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