CNS Pharmaceuticals (NASDAQ:CNSP), Inc., a pharmaceutical company specializing in the development of cancer treatments, has regained compliance with NASDAQ's stockholders’ equity requirement, as confirmed by the NASDAQ Office of General Counsel on Monday. This announcement follows a series of communications and extensions granted by the NASDAQ Hearings Panel to the Houston-based company, allowing it time to meet the minimum equity requirement for continued listing.
The company, trading under the ticker NASDAQ:CNSP, faced potential delisting after receiving a notification from NASDAQ on August 17, 2023, for not meeting the minimum stockholders’ equity requirement of $2,500,000. CNS Pharmaceuticals requested a hearing to stay the delisting, which was granted, and subsequently received an extension until July 15, 2024, to demonstrate compliance.
After further requesting and being granted an extension until August 12, 2024, CNS Pharmaceuticals has now satisfied the equity requirement. This positive outcome closes the compliance matter, but the company will be monitored for one year to ensure continued compliance.
If CNS Pharmaceuticals fails to maintain the required equity level during this period, it will not be allowed to submit a plan of compliance and may face immediate delisting after a hearing process.
The resolution of this compliance issue is a significant step for CNS Pharmaceuticals, allowing the company to focus on its core mission of developing innovative treatments for cancer without the overhang of potential NASDAQ delisting. The information disclosed is based on a press release statement and reflects the current status of CNS Pharmaceuticals in relation to NASDAQ listing requirements.
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