Cidara Therapeutics Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Cidara Therapeutics (Nasdaq: CDTX) announced it has regained compliance with Nasdaq's minimum bid price requirement, after previously being informed of non-compliance on February 28, 2022. After receiving a 180-day extension and a hearing on October 6, 2022, Cidara implemented a plan to regain compliance. The requirement was met as the stock maintained a closing bid price above $1.00 for 10 consecutive trading days from January 25 to February 7, 2023. The Nasdaq Panel confirmed compliance on February 9, 2023, and the matter is now closed, with a monitoring period until November 9, 2023.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• Stock price stayed above $1.00 for 10 consecutive trading days.
• Continued listing on Nasdaq without the need for a reverse stock split.

Negative

• None.

SAN DIEGO, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to help improve the standard of care for patients facing serious diseases, today announced that it has received formal notice from The Nasdaq Stock Market, LLC (“Nasdaq”), stating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).

The Company was first notified by Nasdaq on February 28, 2022, that its common stock had failed to maintain a minimum bid price of $1.00 for 30 consecutive business days. Nasdaq provided a 180-calendar day period following the date of the notice to regain compliance, after which the Company requested a hearing before the Nasdaq Hearings Panel (the “Panel”). On October 6, 2022, the Company attended a hearing before the Panel and presented its plan to regain compliance with the Minimum Bid Price Requirement and requested additional time within which to regain compliance. On October 18, 2022, the Panel granted the Company’s request for continued listing pursuant to an extension, through February 27, 2023, to regain compliance.

The requested extension was granted by the Panel contingent on certain specified commitments, including that the Company would implement a reverse stock split of its common stock if it was otherwise unable to regain compliance with the Minimum Bid Price Requirement before expiration of the extension. On December 15, 2022, at a special meeting of stockholders, the stockholders of the Company approved a reverse split at a ratio between one-to-ten and one-to-twenty. A reverse split was not implemented given that, between January 25, 2023 and February 7, 2023, for a period of 10 consecutive trading days, the closing bid price of the Company’s common stock was greater than $1.00 per share. On February 9, 2023, the Panel notified the Company that it had regained compliance with the Minimum Bid Price Requirement subject to a discretionary Panel Monitor until November 9, 2023. The Panel has deemed this matter closed.

About Cidara Therapeutics
Cidara is developing long-acting therapeutics designed to improve the standard of care for patients facing serious diseases. The Company’s portfolio is comprised of new approaches aimed at transforming existing treatment and prevention paradigms, first with its lead Phase 3 antifungal candidate, rezafungin, in addition to drug-Fc conjugates (DFCs) targeting viral and oncology diseases from Cidara’s proprietary Cloudbreak^® platform. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.

INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com 

MEDIA CONTACT:
Patrick Bursey
LifeSci Communications
(203) 430-9545
pbursey@lifescicomms.com

FAQ

When did Cidara Therapeutics regain compliance with Nasdaq's minimum bid price requirement?

Cidara Therapeutics regained compliance on February 9, 2023.

What was the reason for Cidara Therapeutics' compliance issue with Nasdaq?

The company initially failed to maintain a minimum bid price of $1.00 for 30 consecutive business days.

What is the stock symbol for Cidara Therapeutics?

The stock symbol for Cidara Therapeutics is CDTX.

What is the monitoring period after Cidara regained compliance?

The monitoring period lasts until November 9, 2023.

What actions did Cidara Therapeutics take to regain compliance with Nasdaq?

Cidara presented a compliance plan and maintained a stock price above $1.00 for the required period.