GUELPH, ON - Zentek Ltd. (Nasdaq:ZTEK)(TSX-V:ZEN), a technology company specializing in intellectual property development and commercialization, has announced its return to compliance with Nasdaq's minimum bid price rule. The company's common stock, currently trading at $1.13 with a market capitalization of $114.2 million, maintained a bid price over US $1.00 for 11 consecutive business days, satisfying Nasdaq Listing Rule 5550(a)(2). According to InvestingPro, the stock has shown strong returns over both one and three-month periods.
The rule stipulates that securities listed on the Nasdaq Capital Market must keep a minimum bid price of US$1.00 per share. Zentek was previously under scrutiny for possibly not meeting this requirement, but the recent performance of its shares has resolved this issue. The stock currently trades above its InvestingPro Fair Value estimate, with a beta of 1.06 indicating moderate market correlation.
Zentek's core focus is on the research and development of novel products, including its patented ZenGUARD™ technology. ZenGUARD™ is designed to enhance viral filtration efficiency in surgical masks and is being adapted for use in HVAC systems. The company's manufacturing facility for ZenGUARD™ is based in Guelph, Ontario.
This news comes amidst Zentek's efforts to provide its commercial partners with innovative solutions that aim to improve product performance and environmental friendliness. The company holds ISO 13485:2016 certification, highlighting its commitment to quality management systems in the medical device industry.
The information in this article is based on a press release statement from Zentek Ltd. The company has cautioned that forward-looking statements are subject to risks and uncertainties and that there can be no assurance that the anticipated events or developments will occur. Zentek has not provided any new updates on future projections or events beyond the statement of regained compliance.
In other recent news, Zentek Ltd.'s subsidiary, Triera Biosciences Ltd., has secured a $1.1 million contract from the Government of Canada to advance its multivalent aptamer technology for combating highly pathogenic avian influenza (HPAI) A(H5N1). The contract is part of the Innovative Solutions Canada program under Innovation, Science and Economic Development Canada. The technology will undergo efficacy and safety testing at the Miller Laboratory at McMaster University. These are recent developments in the company's ongoing operations.
Zentek has also announced a strategy shift for its ZenGUARD™ Enhanced Air Filters launch in Canada, withdrawing its application to Health Canada and exploring alternative, more cost-effective routes to the market. This aligns with the company's broader goal of global market penetration.
In addition, the company has received a non-compliance notice from the Nasdaq Stock Market LLC concerning its share price, with a 180-day period granted to regain compliance. Meanwhile, Zentek has upsized its private placement offering to approximately $3.07 million, issuing units priced at $1.30 each, intended for working capital and general corporate purposes.
Finally, changes within Zentek's leadership team have been announced, with Dr. Francis Dubé stepping down as Chief Operating Officer and Brian Bosse resigning from his director role, although both will continue to be involved with the company.
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