WEXFORD, Pa. - Coeptis Therapeutics Holdings, Inc. (NASDAQ:COEP), a developer of cell therapy platforms, has been granted an extension to remain listed on the Nasdaq Stock Market until January 15, 2025. The Nasdaq Hearings Panel provided the extension on the condition that Coeptis demonstrates compliance with the minimum bid price requirement.
The company faced potential delisting after a notification on January 29, 2024, revealed that Coeptis did not meet the Nasdaq's $1.00 minimum bid price per share over the preceding 30 business days. To address this, Coeptis was given until July 29, 2024, to regain compliance.
On September 12th, Coeptis presented its plan to the Panel, including a proposal for a reverse stock split to meet the minimum bid price requirement. Following the presentation, the Panel decided on September 17th to grant the extension.
Coeptis' President and CEO, Dave Mehalick, expressed satisfaction with Nasdaq's decision and reiterated the company's commitment to complying with listing requirements. He emphasized Coeptis' ongoing efforts to improve patient outcomes through its work in cell therapy for cancer, autoimmune, and infectious diseases.
The company, headquartered in Wexford, PA, has a portfolio that includes licensed assets from Deverra Therapeutics and a collaboration with VyGen-Bio and the Karolinska Institutet for the development of cell therapy and diagnostic platforms.
This news is based on a press release statement from Coeptis Therapeutics Holdings, Inc. The company has cautioned that forward-looking statements in the press release involve risks and uncertainties that could cause actual results to differ materially from those anticipated.
In other recent news, Coeptis Therapeutics has been making strides in its cell therapy trials, successfully completing a Phase 1 clinical trial for COVID-19-related infections and enrolling participants for a separate trial in acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). The company's proprietary technology includes platforms acquired from Deverra Therapeutics, the University of Pittsburgh, and Karolinska Institutet. Coeptis's DVX201, a cell therapy derived from cord-blood, is preparing for the next phase of clinical development after showing no dose-limiting toxicities in Phase 1 trials.
However, Coeptis is also dealing with significant financial and regulatory issues. The company has retracted its financial statements for several periods in 2023 and 2024 due to accounting errors related to the improper recording of note agreements, identified after an internal review with the company's independent auditor, Turner, Stone & Company, L.L.P. Coeptis has committed to restating the affected financial statements.
Furthermore, Coeptis is facing the risk of being delisted from the Nasdaq Capital Market due to failure to meet the Nasdaq's Minimum Bid Price Requirement. The company plans to appeal the delisting determination by requesting a hearing before a Nasdaq Hearing Panel. As part of its appeal, the company may consider implementing a reverse stock split, subject to the approval of its Board of Directors and stockholders. These recent developments underscore the challenges Coeptis Therapeutics is currently facing.
InvestingPro Insights
In light of the recent extension granted to Coeptis Therapeutics Holdings, Inc. (NASDAQ:COEP) to remain listed on the Nasdaq Stock Market, it’s important to take a closer look at the company's financial health and market performance. According to InvestingPro data, Coeptis has a market capitalization of 6.97 million USD, which is reflective of the company's valuation in the current market. The data also indicates that the stock has been trading near its 52-week low, with the price at the previous close standing at 0.18 USD, which is only 12.75% of the 52-week high.
InvestingPro Tips suggest that Coeptis is experiencing several challenges. Notably, the stock has suffered significant declines, with a one-week price total return showing a drop of 9.44%, and a more staggering three-month price total return of -45.93%. Furthermore, the company is not anticipated to be profitable this year, which is corroborated by a negative P/E ratio of -0.37. This metric is often used by investors to evaluate the earnings performance of a company relative to its share price.
Moreover, the company is operating with a moderate level of debt and has been flagged for having short-term obligations that exceed its liquid assets, which could pose liquidity risks. Coeptis does not pay a dividend to shareholders, which may be a consideration for income-focused investors. For those interested in gaining more comprehensive insights, InvestingPro offers additional tips on Coeptis Therapeutics Holdings, Inc., which can be accessed at https://www.investing.com/pro/COEP.
Despite these challenges, Coeptis' strategic collaborations and licensed assets could provide avenues for growth and recovery. As the company strives to regain compliance with Nasdaq's listing requirements, investors and stakeholders will be closely monitoring its progress and financial performance.
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