BioXcel Therapeutics Regains Compliance with Nasdaq Minimum Bid Price Rule

Rhea-AI Summary

BioXcel Therapeutics (BTAI) has successfully regained compliance with Nasdaq's minimum bid price requirement. The company, which focuses on developing AI-driven neuroscience medicines, had received a non-compliance notice on September 16, 2024, after failing to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days. To meet Nasdaq's Listing Rule 5550(a)(2), BTAI was required to maintain a minimum closing bid price of $1.00 per share for at least 12 consecutive trading days, which it achieved on February 26, 2025.

Positive

• Regained Nasdaq listing compliance, removing delisting risk

Negative

• Stock previously traded below $1.00 for extended period, indicating significant market weakness

NEW HAVEN, Conn., Feb. 28, 2025 (GLOBE NEWSWIRE) -- BioXcel Therapeutics, Inc. (Nasdaq: BTAI), a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience, today announced that it has received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the minimum closing bid price requirement under Nasdaq Listing Rule 5550(a)(2).

As previously disclosed, on September 16, 2024, the Company was notified by Nasdaq that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) because its common stock failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days. To regain compliance, the Company was required to maintain a minimum closing bid price of $1.00 per share for at least 12 consecutive trading days. This requirement was met on February 26, 2025.

About BioXcel Therapeutics, Inc.
BioXcel Therapeutics, Inc. (Nasdaq: BTAI) is a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience. Its wholly owned subsidiary, OnkosXcel Therapeutics, is focused on the development of medicines in immuno-oncology. The Company’s drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indications. For more information, please visit bioxceltherapeutics.com.

Contact Information

Corporate/Investors
BioXcel Therapeutics
Erik Kopp
1.203.494.7062

Media
Russo Partners
David Schull
1.858.717.2310

Source: BioXcel Therapeutics, Inc.

FAQ

When did BioXcel Therapeutics (BTAI) regain Nasdaq compliance?

BTAI regained Nasdaq compliance on February 26, 2025, after maintaining a minimum closing bid price of $1.00 for 12 consecutive trading days.

Why was BTAI stock initially flagged for Nasdaq non-compliance?

BTAI was flagged on September 16, 2024, for failing to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days.

What were the requirements for BTAI to regain Nasdaq compliance?

BTAI had to maintain a minimum closing bid price of $1.00 per share for at least 12 consecutive trading days.

How long was BTAI out of compliance with Nasdaq's minimum bid price rule?

BTAI was out of compliance from September 16, 2024, until February 26, 2025, approximately 5 months.