SELLAS Life Sciences Group Inc. (NASDAQ: NASDAQ:SLS) today announced it has successfully regained compliance with the Nasdaq Listing Rule 5550(b)(2), concerning the minimum market value of publicly held shares.
The biopharmaceutical company confirmed that it maintained a market value of over $35 million for the last 10 consecutive business days, as per a notification received from The Nasdaq Stock Market.
The compliance milestone follows a previous notification from Nasdaq on December 6, 2023, when SELLAS was alerted to its non-compliance with the same rule after its market value stayed below the required threshold for 30 consecutive days.
Nasdaq's rules had provided SELLAS with a 180-day period, ending June 3, 2024, to meet the minimum market value standard.
The return to compliance signifies that SELLAS has met the necessary financial criteria set by Nasdaq, which includes maintaining a market value of the company's common stock (MVLS) above $35.0 million. This valuation is calculated by multiplying the most recent total shares outstanding by the closing bid price per share.
The achievement is a critical step for SELLAS, ensuring its continued listing on the Nasdaq exchange, which is essential for the company's visibility in the market, as well as for current and potential investors.
This development is based on the press release statement and reflects the company's current financial standing in accordance with Nasdaq's market value listing requirements.
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