LakeShore Biopharma Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

LakeShore Biopharma (Nasdaq: LSB) has announced regaining compliance with Nasdaq's minimum bid price requirement. The company received a compliance notice on October 21, 2024, confirming that its ordinary shares maintained a closing bid price of $1.00 or higher for 11 consecutive business days from October 4-18, 2024. This resolves the non-compliance notice issued on October 24, 2023, when the company's shares traded below $1.00 for 30 consecutive business days. LakeShore Biopharma, formerly YS Biopharma, develops vaccines and therapeutic biologics for infectious diseases and cancer using its PIKA® immunomodulating technology platform.

Positive

• Regained Nasdaq listing compliance, eliminating immediate delisting risk
• Share price sustained above $1.00 for required period, showing price stability

Negative

• Previous trading below $1.00 for extended period indicates historical share price weakness

News Market Reaction

-10.66%

1 alert

-10.66% News Effect

On the day this news was published, LSB declined 10.66%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

GAITHERSBURG, Md., Oct. 29, 2024 /PRNewswire/ -- LakeShore Biopharma Co., Ltd (Nasdaq: LSB) ("LakeShore Biopharma" or the "Company"), a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer, today announced that it has received a written notice (the "Compliance Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") dated October 21, 2024, informing the Company that it has regained compliance with the minimum bid price requirement set forth under the Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement").

As previously announced, the Company was notified by Nasdaq on October 24, 2023 that the Company was not in compliance with the Minimum Bid Price Requirement as the closing bid price of the Company's ordinary shares was below $1.00 per share for a period of 30 consecutive business days.

According to the Compliance Notice, the Company regained compliance with the Minimum Bid Price Requirement because the closing bid price of the Company's ordinary shares have been $1.00 per share or greater for 11 consecutive business days, from October 4, 2024, to October 18, 2024, and the matter is now closed.

About LakeShore Biopharma

LakeShore Biopharma, previously known as YS Biopharma, is a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer. It has developed a proprietary PIKA® immunomodulating technology platform and a new generation of preventive and therapeutic biologics targeting Rabies, Coronavirus, Hepatitis B, Influenza, Shingles, and other virus infections. The Company operates in China, the United States, Singapore, and the Philippines, and is led by a management team that combines rich local expertise and global experience in the biopharmaceutical industry. For more information, please visit investor.lakeshorebio.com. 

Investor Relations Contact

Robin Yang
Partner, ICR, LLC
Tel: +1 (212) 537-4035
Email: LakeShoreBiopharma.IR@icrinc.com 

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SOURCE LakeShore Biopharma Co., Ltd

FAQ

When did LakeShore Biopharma (LSB) regain Nasdaq compliance?

LakeShore Biopharma regained Nasdaq compliance on October 21, 2024, after maintaining a closing bid price above $1.00 from October 4-18, 2024.

Why was LakeShore Biopharma (LSB) previously non-compliant with Nasdaq?

LakeShore Biopharma was non-compliant because its closing bid price remained below $1.00 per share for 30 consecutive business days, as notified by Nasdaq on October 24, 2023.

What was the minimum share price requirement for LakeShore Biopharma (LSB) to regain Nasdaq compliance?

LakeShore Biopharma needed to maintain a closing bid price of $1.00 or higher for at least 10 consecutive business days to regain compliance.