Kintara Therapeutics, Inc. (NASDAQ: KTRA) saw its shares edge up soon after the open on Friday.
The biopharmaceutical company focused on the development of new solid tumor cancer therapies, today announced that the Company received written notification from the Listing Qualification Department of The NASDAQ Stock Market LLC granting the Company's request for a 180-day extension to regain compliance with NASDAQ's minimum bid price requirement under NASDAQ rules. The Company now has until November 28 of this year to meet the requirement.
NASDAQ's extension notice has no immediate effect on the continued listing status of the Company's common stock on The NASDAQ Capital Market LLC under the symbol "KTRA".
If at any time during the additional 180-day extension, the bid price of the Company's common stock closes at, or above, $1.00 per share for a minimum of 10 consecutive business days, the NASDAQ staff will provide the Company with a written confirmation of compliance and the matter will be closed.
The Company was first notified by NASDAQ of its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive trading days under the rules on December 3, and was given until Wednesday of this week to regain compliance.
If the Company does not meet the minimum bid requirement during the additional 180-day extension, NASDAQ will provide written notification to the Company that its common stock will be subject to delisting.
For now, KTRA shares eked up 0.084 cents, or 4.8%, to 18 cents.
