Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Virax Biolabs faces Nasdaq minimum bid price noncompliance

EditorNatashya Angelica
Published 16/03/2024, 07:58 am
Updated 16/03/2024, 07:58 am
© Reuters.

LONDON - Virax Biolabs Group Limited (NASDAQ: VRAX), a biotechnology company specializing in immune response detection and viral disease diagnosis, has been notified by Nasdaq of noncompliance with its minimum bid price rule.

The notice, dated March 13, 2024, indicates that the company's share price has not met the required $1.00 minimum bid over 30 consecutive business days as stipulated by NASDAQ Listing Rule 5550(a)(2).

The company, which trades under the ticker "VRAX," has been given until September 9, 2024, to address this deficiency and regain compliance. To achieve this, Virax Biolabs' shares must close at or above $1.00 for at least ten consecutive business days within this 180-day compliance period. If Virax fails to meet this criterion, it may qualify for an additional grace period of the same length.

This development does not lead to an immediate delisting of Virax's ordinary shares, and trading will continue without interruption on the Nasdaq exchange. Virax Biolabs is known for its work in developing diagnostic test kits and is currently advancing T cell-based test technologies aimed at providing an immunology profiling platform.

These technologies are particularly relevant for diagnosing and treating conditions such as Long COVid, chronic inflammation, and various post-viral syndromes.

Virax's press release also contains forward-looking statements regarding its financial performance, business prospects, and potential growth. Still, these statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions.

The company cautions that actual results may differ materially from those projected in any forward-looking statements due to a number of significant factors.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The information presented in this article is based on a press release statement from Virax Biolabs.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.