Eterna Therapeutics Inc. (NASDAQ:ERNA), a pharmaceutical company, has been notified by The Nasdaq Stock Market LLC that its stock no longer meets the minimum bid price requirement. On Monday, the company disclosed receiving a notice from Nasdaq's Listing Qualifications Staff stating that Eterna's common stock had closed below the required $1 per share minimum bid price for the past 30 consecutive business days.
The Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a bid price of at least $1 per share. Eterna Therapeutics now has until June 30, 2025, to regain compliance under the Nasdaq Listing Rule 5810(c)(3)(A).
This rule allows a 180-day period to meet the minimum bid price condition. The company must achieve a closing bid price of at least $1 per share for at least 10 consecutive business days within this timeframe.
Should Eterna Therapeutics fail to meet the requirement by the end of June, it may qualify for an additional 180-day period to achieve compliance, provided it meets all other initial listing standards for the Nasdaq Capital Market, excluding the bid price rule. The company would also need to inform Nasdaq of its intention to address the deficiency, potentially through a reverse stock split.
The notice does not immediately affect Eterna Therapeutics' listing on Nasdaq, with its common stock continuing to trade under the ticker "ERNA." The company, previously known as Brooklyn ImmunoTherapeutics Inc., is incorporated in Delaware and operates under the pharmaceutical preparations industry classification.
This development is based on information from a press release statement filed with the U.S. Securities and Exchange Commission. Eterna Therapeutics' President and Chief Executive Officer, Sanjeev Luther, signed the SEC filing on behalf of the company.
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