PITTSBURGH, PA – Predictive Oncology Inc. (NASDAQ:POAI), a company specializing in orthopedic, prosthetic, and surgical appliances and supplies, has received a notice from NASDAQ due to the company's stock price falling below the minimum bid price requirement.
The notice, dated September 19, 2024, indicated that the company's common stock had closed below $1.00 per share for 30 consecutive business days, which is not in compliance with NASDAQ's continued listing standards.
The current situation does not immediately affect the listing of the company's common stock. Predictive Oncology has been given 180 calendar days, or until March 18, 2025, to regain compliance with NASDAQ's minimum bid price requirement.
Compliance can be achieved if the company's stock bid price closes at or above $1.00 per share for at least 10 consecutive business days before the given deadline.
Should the company fail to meet the minimum bid price requirement by March 18, 2025, it may be eligible for an extension. To qualify, Predictive Oncology would need to meet all other initial listing standards for The NASDAQ Capital Market, except for the bid price requirement, and would need to inform NASDAQ of its plans to address the deficiency, potentially through a reverse stock split.
In the event that Predictive Oncology does not regain compliance within the allotted time frame and is not eligible for an extension, NASDAQ will notify the company of its securities being subject to delisting.
The company would then have the opportunity to appeal the decision. However, there is no guarantee that the appeal would result in a favorable outcome for continued listing.
In other recent news, Predictive Oncology announced its Q2 2024 financial results, revealing a decrease in revenue from $490,000 to $279,000 compared to the same quarter in the previous year. However, the company managed to reduce its net loss per share from $0.98 to $0.68. Notably, the firm completed a significant ovarian cancer study with UPMC Magee-Womens Hospital and launched a 3D cell culture technology.
In addition to these developments, Predictive Oncology confirmed the long-term stability of its biobank's cryopreserved patient tumor samples, a crucial aspect in predicting patient outcomes and personalizing therapies. The study demonstrated a 100% concordance rate between the original fresh patient sample testing and the cryogenically stored material, underscoring the reliability of the data collected over many years.
Furthermore, Predictive Oncology has been expanding its artificial intelligence and machine learning capabilities for biomarker discovery and has implemented cost reduction measures such as consolidating operations in Pittsburgh.
Despite operating at a loss with an accumulated deficit of $175 million, the company successfully raised $5 million in capital and decreased its net cash usage to $6.6 million for the six months ended June 30, 2024.
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