PITTSBURGH - NeuBase Therapeutics, Inc. (NASDAQ:NBSE) has received a notice from The Nasdaq Stock Market LLC on Monday, indicating the company is not in compliance with Nasdaq's listing requirements due to the delayed filing of its annual report for the fiscal year ended December 31, 2023.
The noncompliance notice, which currently does not affect the trading of NeuBase's common stock on the Nasdaq Capital Market, stems from the company's failure to submit its Form 10-K in a timely manner.
Under Nasdaq rules, NeuBase has until June 3, 2024, to present a plan to regain compliance. If the plan is accepted, Nasdaq may grant the company an extension until September 30, 2024, to file the overdue document and meet the listing criteria.
The company's inability to file the required Form 10-K on time has introduced uncertainty regarding its continued listing on the exchange. NeuBase's future actions and potential to comply with Nasdaq's requirements are considered forward-looking statements, subject to risks and uncertainties that could cause actual results to differ materially from current expectations.
These statements are based on projections and assumptions about future events, which are inherently uncertain.
NeuBase's filings with the U.S. Securities and Exchange Commission (SEC) outline various risk factors, including those related to the company's operations and financial condition. The company has cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date of the press release.
This news comes amid broader concerns about the company's financial stability and operational prospects. The information regarding NeuBase's noncompliance with Nasdaq's listing rules is based on a press release statement from the company.
InvestingPro Insights
As NeuBase Therapeutics, Inc. (NASDAQ:NBSE) grapples with its recent noncompliance notice from Nasdaq, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, NeuBase has a market capitalization of just 1.5 million USD, reflecting the company's current size and investor valuation. The stock is also trading near its 52-week low, with a price that is only 7.96% of the 52-week high, indicating a significant downturn in the past year.
Additional insights from InvestingPro reveal that the Relative Strength Index (RSI) suggests the stock is in oversold territory, which could interest some investors looking for potential rebound opportunities.
Still, it is important to note that analysts do not anticipate NeuBase will be profitable this year, and the company suffers from weak gross profit margins. These factors contribute to the uncertainties surrounding NeuBase's future performance and its ability to meet Nasdaq's listing criteria within the given timeframe.
Investors can find more comprehensive analysis and additional InvestingPro Tips to better understand NeuBase's financial and market position. Currently, there are 10 additional tips available, which could offer deeper insights into the company's performance and outlook. For those interested in a more detailed analysis, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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