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RedHill Biopharma Ltd. (NASDAQ:RDHL) announced Tuesday that it received a notice from the Nasdaq Stock Market regarding non-compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
According to a press release statement, the company was informed on April 8 by the Nasdaq Listings Qualifications Department that the bid price for RedHill’s American Depositary Shares (ADSs) closed below $1.00 per share for thirty consecutive business days, from February 20 to April 2. This falls short of the minimum requirement under Nasdaq Listing Rule 5550(a)(2).
Under Nasdaq Listing Rule 5810(c)(3)(A), RedHill has been granted an initial compliance period of 180 calendar days, until October 5, 2026, to regain compliance. The company may be deemed compliant if the bid price of its ADSs closes at $1.00 per share or above for at least ten consecutive business days before the end of the compliance period.
RedHill stated that its ADSs will continue to trade on the Nasdaq Capital Market during this period and that its operations are not affected by the notice at this time.
This information is based on a statement issued by RedHill Biopharma Ltd. in a filing with the Securities and Exchange Commission.
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