Conduit Pharmaceuticals (CDT) said Thursday that a Nasdaq hearing panel granted it an extension to meet listing requirements, with plans to transfer its shares to the Nasdaq Capital Market.
The company said it must submit an application for the transfer by March 12 and meet all Nasdaq listing standards by March 31.
Conduit said it had been at risk of delisting for not meeting requirements related to minimum bid price, market value of publicly held shares, and market value of listed securities. It regained compliance with the minimum bid price rule as of Feb. 26, according to the company.
Following the transfer, the company expects to meet the continued listing requirement for publicly held shares above $1.0 million and believes it will satisfy the Nasdaq equity standard of stockholder's equity above $2.5 million before the March 31 deadline, though it cautioned that compliance is not assured.
Shares of Conduit Pharmaceuticals were up nearly 4% in recent trading.
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