3rd Feb 2023 11:42
(Alliance News) - Midatech Pharma PLC on Friday said it received notice that its share price has fallen short of the minimum needed according to Nasdaq Stock Market LLC rules.
Midatech is a Cardiff-based biotechnology company focused on improving the bio-delivery and biodistribution of medicines.
The company said its minimum Nasdaq bid price has been lower than the minimum allowed USD1.00 per share for at least 10 consecutive business days during the compliance period.
Midatech stock closed up 5.0% to USD0.80 on Thursday in New York. In London, Midatech Pharma shares fell 2.3% to 2.10 pence each on Friday morning.
Midatech has been granted a grace period of 180 days and now has until July 31 to reach a Nasdaq share price of at least USD1.00.
From September 26 to October 9 last year the closing bid price of its American depositary shares had been at USD1 per share or greater and, accordingly, the company had regained compliance with Nasdaq listing rules.
A few months before that in April, Midtech received notice from Nasdaq Stock stating that the company was not in compliance with the minimum bid requirement for continued listing on Nasdaq Capital Market. At the time, the company's shares had not met the minimum threshold for 30 successive days.
By Tom Budszus, Alliance News reporter
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