Cidara Therapeutics Regains Compliance with Nasdaq Minimum Bid Price Requirement
Cidara Therapeutics (Nasdaq: CDTX) announced it has regained compliance with Nasdaq's minimum bid price requirement, after previously being informed of non-compliance on February 28, 2022.
Sentiment and the balance of points
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Rhea-AI Summary
Cidara Therapeutics (Nasdaq: CDTX) announced it has regained compliance with Nasdaq's minimum bid price requirement, after previously being informed of non-compliance on February 28, 2022. After receiving a 180-day extension and a hearing on October 6, 2022, Cidara implemented a plan to regain compliance. The requirement was met as the stock maintained a closing bid price above $1.00 for 10 consecutive trading days from January 25 to February 7, 2023. The Nasdaq Panel confirmed compliance on February 9, 2023, and the matter is now closed, with a monitoring period until November 9, 2023.
Positive
- Regained compliance with Nasdaq's minimum bid price requirement.
- Stock price stayed above $1.00 for 10 consecutive trading days.
- Continued listing on Nasdaq without the need for a reverse stock split.
Negative
- None.
Details
News Market Reaction – CDTX
The recorded move for CDTX in the trading session of this news was -1.85%.
Data tracked by StockTitan Argus. Session date unavailable.
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SAN DIEGO, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to help improve the standard of care for patients facing serious diseases, today announced that it has received formal notice from The Nasdaq Stock Market, LLC (“Nasdaq”), stating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).
The Company was first notified by Nasdaq on February 28, 2022, that its common stock had failed to maintain a minimum bid price of
The requested extension was granted by the Panel contingent on certain specified commitments, including that the Company would implement a reverse stock split of its common stock if it was otherwise unable to regain compliance with the Minimum Bid Price Requirement before expiration of the extension. On December 15, 2022, at a special meeting of stockholders, the stockholders of the Company approved a reverse split at a ratio between one-to-ten and one-to-twenty. A reverse split was not implemented given that, between January 25, 2023 and February 7, 2023, for a period of 10 consecutive trading days, the closing bid price of the Company’s common stock was greater than
About Cidara Therapeutics
Cidara is developing long-acting therapeutics designed to improve the standard of care for patients facing serious diseases. The Company’s portfolio is comprised of new approaches aimed at transforming existing treatment and prevention paradigms, first with its lead Phase 3 antifungal candidate, rezafungin, in addition to drug-Fc conjugates (DFCs) targeting viral and oncology diseases from Cidara’s proprietary Cloudbreak® platform. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.
INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com
MEDIA CONTACT:
Patrick Bursey
LifeSci Communications
(203) 430-9545
pbursey@lifescicomms.com
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