Connect Biopharma Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
Connect Biopharma Announces Receipt of Nasdaq Deficiency Notice Regarding Minimum Bid Price Requirement
March 28, 2025 - SAN DIEGO, CA - Connect Biopharma Corporation (Nasdaq: CNBT), a clinical-stage biopharmaceutical company focused on developing innovative therapies for the treatment of autoimmune and inflammatory diseases, today announced that it has received a deficiency notice from the Nasdaq Stock Market LLC ("Nasdaq") regarding the company's minimum bid price requirement.
Pursuant to Nasdaq Listing Rule 5550(b)(2), a listed company's common stock must maintain a minimum bid price of $1.00 per share. As of March 25, 2025, the closing bid price of Connect Biopharma's common stock was below the minimum bid price requirement.
The company has been notified that it has until March 25, 2026 to regain compliance with the minimum bid price requirement. If the company's common stock does not maintain a minimum bid price of $1.00 per share for at least 10 consecutive trading days, the Nasdaq may initiate delisting procedures, which could result in the delisting of the company's common stock from the Nasdaq Capital Market.
"We are taking this matter seriously and are exploring all available options to regain compliance with the minimum bid price requirement," said Dr. Marzena Popuch, Chief Executive Officer of Connect Biopharma. "We are committed to the long-term success of our company and are confident that our pipeline of innovative therapies will ultimately drive value for our shareholders."
Connect Biopharma is actively evaluating various strategies to address this deficiency, including potential financings, business combinations, and other alternatives to regain compliance with the minimum bid price requirement. The company will provide additional updates as necessary.
About Connect Biopharma Corporation
Connect Biopharma Corporation is a clinical-stage biopharmaceutical company focused on developing innovative therapies for the treatment of autoimmune and inflammatory diseases. The company's lead product candidate, CNBT-101, is a novel, orally administered, small molecule therapeutic designed to target and modulate the immune system's response to disease. For more information, please visit www.connectbiopharma.com.