Angion Receives Nasdaq Notice Regarding Minimum Bid Price Requirements

Rhea-AI Summary

On December 15, 2022, Angion Biomedica Corp (NASDAQ: ANGN) received a notification from Nasdaq, stating that its common stock closed below $1.00 for 30 consecutive business days. This situation violates the minimum bid price requirement under Nasdaq listing rule 5450(a)(1). Angion has until June 13, 2023, to regain compliance by maintaining a bid price of at least $1.00 per share for 10 consecutive days. The company is actively monitoring its stock price and evaluating options, including a potential reverse stock split, to address this deficiency.

Positive

• Angion is currently in compliance with Nasdaq's market value requirements and other initial listing standards.
• The company has a strategic plan to address the bid price deficiency.

Negative

• Failure to regain compliance by June 13, 2023, may lead to delisting from Nasdaq.
• The company may face challenges in executing its strategic realignment amid compliance issues.

UNIONDALE, N.Y., Dec. 21, 2022 (GLOBE NEWSWIRE) -- Angion Biomedica Corp (NASDAQ:ANGN), a biopharmaceutical company that has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases, announced that on December 15, 2022, it received a letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market notifying Angion that for the last 30 consecutive business days the bid price of Angion’s common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of Nasdaq listing rule 5450(a)(1).

The notification received has no immediate effect on the listing of Angion’s common stock on Nasdaq and Angion does not believe the notification will adversely impact its ongoing strategic realignment process, previously announced July 25, 2022. In accordance with listing rule 5810(c)(3)(A), Angion has 180 calendar days, or until June 13, 2023, to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of Angion’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days before June 13, 2023.

If Angion’s common stock does not achieve compliance by June 13, 2023, Angion may be eligible for an additional 180-day period to regain compliance if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that Angion will not be able to cure the deficiency, or if Angion does not meet the other listing standards, Nasdaq could provide notice that Angion’s common stock will become subject to delisting. In the event Angion receives notice that its common stock is being delisted, Nasdaq rules permit Angion to appeal any delisting determination by the Nasdaq staff to a Hearings Panel.

Angion currently meets the continued listing requirement for market value of publicly held shares and all other initial listing standards of The Nasdaq Stock Market, with the exception of the bid price requirement. Angion intends to actively monitor the closing bid price of its common stock between now and June 13, 2023, and will evaluate available options to resolve the deficiency and regain compliance with the minimum bid price rule.

Forward Looking Statements
Statements contained in this press release regarding matters that may occur in the future are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding any potential impact of the reported Nasdaq notification on the listing of Angion’s common stock, or on its ongoing strategic realignment process. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, Angion’s ability to execute its ongoing strategic realignment and its ability to comply with the other Nasdaq listing rules, among other factors, could cause results to differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Angion undertakes no obligation to update any forward-looking statement in this press release, except as required by law.

FAQ

What did Angion Biomedica announce on December 15, 2022?

Angion announced that it received a notification from Nasdaq regarding its stock closing below the minimum required bid price.

What is the minimum bid price requirement for Angion's listing on Nasdaq?

The minimum bid price requirement for Angion's continued listing is $1.00 per share.

What are Angion's options to regain compliance with Nasdaq?

Angion can regain compliance by maintaining a bid price of at least $1.00 for 10 consecutive business days, or it may consider a reverse stock split.

What happens if Angion fails to regain compliance by June 13, 2023?

If Angion fails to comply, it may face delisting from Nasdaq, although it may be eligible for an additional compliance period.