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