Redwood (NYSE:RWT) City, California-based Bolt Biotherapeutics, Inc. (NASDAQ:BOLT) has announced its transfer from The Nasdaq Global Select Market to The Nasdaq Capital Market effective Monday, as part of its strategy to regain compliance with Nasdaq's minimum bid price requirement.
The pharmaceutical company had previously been notified by Nasdaq on July 2, 2024, that its stock did not meet the minimum $1.00 bid price per share requirement. After failing to meet this requirement by December 30, 2024, Bolt Biotherapeutics was granted an additional 180 days to comply.
The transfer to The Nasdaq Capital Market was approved based on the company's compliance with all other applicable requirements for initial listing on this market, except for the minimum bid price. Bolt Biotherapeutics has also expressed its intention to cure the deficiency through a reverse stock split if necessary. The company's additional 180-day period to regain compliance will last until June 30, 2025, during which the closing bid price of its common stock must be at least $1.00 per share for a minimum of 10 consecutive business days.
The news above is based on an SEC filing.
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