PSTV warns of Nasdaq delisting risk despite new $1.00 bid extension

Rhea-AI Filing Summary

Plus Therapeutics, Inc. (PSTV) announced that Nasdaq has granted the company an additional 180-day period, until May 11, 2026, to regain compliance with the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The prior deadline had been November 12, 2025, after the stock traded below $1.00 for 30 consecutive business days as of May 16, 2025.

The company plans to continue monitoring its share price and has confirmed to Nasdaq that, if necessary, it will implement a reverse stock split of its common stock to attempt to restore compliance. If compliance is not regained within the extended period, Nasdaq may commence delisting of the common stock, which the company would have the right to appeal. There is no assurance that Plus Therapeutics will regain or maintain compliance with Nasdaq listing standards.

Positive

• None.

Negative

• PSTV remains out of compliance with Nasdaq’s $1.00 minimum bid price rule, with only a temporary 180-day extension to May 11, 2026, and an explicit warning that its common stock could face delisting if compliance is not restored.

Insights

Equity & Listing Standards Analyst

Plus Therapeutics receives more time to fix a Nasdaq bid-price deficiency, but delisting risk remains if it cannot lift its share price.

Plus Therapeutics has been out of compliance with Nasdaq’s $1.00 minimum bid price rule after its stock closed below that level for 30 consecutive business days, as noted in the May 16, 2025 notice. Nasdaq has now granted a second, 180-day extension, moving the compliance deadline to May 11, 2026 under Listing Rule 5810(c)(3)(A). This keeps the stock on the Nasdaq Capital Market while the company works to raise its share price.

The company states that it will continue monitoring its closing bid price and has confirmed to Nasdaq that it is prepared, if needed, to implement a reverse stock split of its outstanding common stock to try to restore compliance. A reverse split can mechanically increase the per-share price without changing the company’s total equity value, but it does not address underlying business performance.

If the company fails to regain compliance by May 11, 2026, Nasdaq may notify it that the common stock is subject to delisting, though Plus Therapeutics would be entitled to appeal to a Nasdaq hearings panel. The filing also notes that there can be no assurance of regaining or maintaining compliance with Nasdaq listing requirements, underscoring ongoing listing-status risk for PSTV shares.

8-K Event Classification

3 items: 7.01, 8.01, 9.01

3 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

NASDAQ false 0001095981 0001095981 2025-11-17 2025-11-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 17, 2025

PLUS THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-34375		33-0827593
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

2710 Reed Road, Suite 160,

Houston, Texas 77051

(Address of principal executive offices, with zip code)

(737) 255-7194

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001		PSTV		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

On November 17, 2025, Plus Therapeutics, Inc. (the “Company”) issued a press release announcing that it had received an additional 180-day extension period from the Nasdaq Listing Qualifications Department (the “Nasdaq Staff”) to regain compliance with the $1.00 minimum bid price bid requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”), discussed in more detail in Item 8.01 below.

The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein. The information contained in the press release is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

As previously disclosed, on May 16, 2025, the Company received notice (the “Notification Letter”) from the Nasdaq Staff that, because the closing bid price for the Company’s common stock had fallen below $1.00 per share for 30 consecutive business days, the Company no longer complied with the Minimum Bid Price Requirement. The Notification Letter stated that the Company had 180 days, or until November 12, 2025, to demonstrate its compliance with the Minimum Bid Price Requirement.

On November 13, 2025, the Company received a second letter from the Nasdaq Staff advising that the Company had been granted an additional 180 calendar days, or until May 11, 2026, to regain compliance with the Minimum Bid Price Requirement, in accordance with Nasdaq Listing Rule 5810(c)(3)(A).

The Company intends to continue to actively monitor the closing bid price of its common stock and will evaluate available options to regain compliance with the Minimum Bid Price Requirement. Specifically, the Company has confirmed to The Nasdaq Stock Market LLC (“Nasdaq”) that, if necessary, it will implement a reverse stock split of its outstanding common stock to attempt to regain compliance. If the Company does not regain compliance within the additional compliance period, Nasdaq will provide notice that the Company’s common stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement during the 180-day additional compliance period or maintain compliance with the other Nasdaq listing requirements.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press release of the issuer dated November 17, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 17, 2025

PLUS THERAPEUTICS, INC.
By:		/s/ Marc H. Hedrick, M.D.
		Marc H. Hedrick, M.D. President and Chief Executive Officer

FAQ

What did Plus Therapeutics (PSTV) announce in this 8-K filing?

Plus Therapeutics reported that Nasdaq granted an additional 180-day extension, until May 11, 2026, to regain compliance with the $1.00 minimum bid price requirement for its common stock.

Why is Plus Therapeutics (PSTV) out of compliance with Nasdaq listing rules?

The company received a notice on May 16, 2025 stating that the closing bid price of its common stock had been below $1.00 per share for 30 consecutive business days, violating Nasdaq’s minimum bid price requirement.

What is the new deadline for PSTV to regain Nasdaq minimum bid price compliance?

Nasdaq has set a new deadline of May 11, 2026 for Plus Therapeutics to regain compliance with the $1.00 minimum bid price rule under Listing Rule 5550(a)(2).

How does Plus Therapeutics plan to regain compliance with Nasdaq’s $1.00 bid price rule?

Plus Therapeutics states it will continue to monitor the closing bid price of its common stock and has confirmed to Nasdaq that, if necessary, it will implement a reverse stock split of its outstanding common stock to attempt to restore compliance.

What happens if Plus Therapeutics does not regain compliance by May 11, 2026?

If the company does not regain compliance within the additional 180-day period ending May 11, 2026, Nasdaq may notify Plus Therapeutics that its common stock is subject to delisting, and the company would then be entitled to appeal that determination to a Nasdaq hearings panel.

Does this 8-K indicate that Plus Therapeutics will definitely regain compliance?

No. The company explicitly states that there can be no assurance it will regain compliance with the minimum bid price requirement during the additional 180-day period or maintain compliance with other Nasdaq listing requirements.