By Chris Wack
Aptorum Group shares were down 25% to $4.03 Monday after the company said it received a letter from the Nasdaq Stock Market warning that it wasn’t in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Global Market.
The stock hit its 52-week low of $2.30 on April 12 and is down 58% over the past 12 months.
The Nasdaq listing rule requires listed companies to maintain stockholders’ equity of at least $10 million. The global clinical-stage biopharmaceutical company’s stockholders’ equity was $7.8 million as of Dec. 31.
In accordance with Nasdaq rules, Aptorum has 45 calendar days, or until June 20, to submit a plan to regain compliance.
If the plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the letter, or until Oct. 31, to evidence compliance.
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