Connect Biopharma Announces Receipt of Nasdaq Deficiency Notice Regarding Minimum Bid Price Requirement
Connect Biopharma (NASDAQ: CNTB) has received a deficiency notice from Nasdaq dated March 24, 2025, regarding non-compliance with the minimum bid price requirement. The company's American Depositary Shares (ADSs) have traded below the required $1.00 per share for 30 consecutive business days.
The company has been granted an initial 180-day period until September 22, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of ten consecutive business days. If unsuccessful, CNTB may be eligible for an additional 180-day compliance period by transferring to the Nasdaq Capital Market and meeting specific listing requirements.
The notice has no immediate impact on CNTB's listing status, and shares continue trading on the Nasdaq Global Market. However, failure to meet compliance requirements could result in delisting, subject to appeal.
Connect Biopharma (NASDAQ: CNTB) ha ricevuto una notifica di non conformità da parte di Nasdaq datata 24 marzo 2025, riguardante il mancato rispetto del requisito di prezzo minimo di offerta. Le azioni depositarie americane (ADS) della società sono state scambiate al di sotto del prezzo richiesto di $1,00 per azione per 30 giorni lavorativi consecutivi.
All'azienda è stato concesso un periodo iniziale di 180 giorni fino al 22 settembre 2025 per ripristinare la conformità mantenendo un prezzo di chiusura di offerta di almeno $1,00 per un minimo di dieci giorni lavorativi consecutivi. In caso di insuccesso, CNTB potrebbe essere idonea per un ulteriore periodo di conformità di 180 giorni trasferendosi al Nasdaq Capital Market e soddisfacendo requisiti specifici di quotazione.
La notifica non ha impatto immediato sullo stato di quotazione di CNTB, e le azioni continuano a essere scambiate sul Nasdaq Global Market. Tuttavia, il mancato rispetto dei requisiti di conformità potrebbe comportare la delisting, soggetto a ricorso.
Connect Biopharma (NASDAQ: CNTB) ha recibido un aviso de deficiencia de Nasdaq con fecha del 24 de marzo de 2025, en relación con el incumplimiento del requisito de precio mínimo de oferta. Las Acciones de Depósito Americano (ADS) de la compañía han sido negociadas por debajo del precio requerido de $1.00 por acción durante 30 días hábiles consecutivos.
A la empresa se le ha otorgado un período inicial de 180 días hasta el 22 de septiembre de 2025 para recuperar la conformidad manteniendo un precio de oferta de cierre de al menos $1.00 durante un mínimo de diez días hábiles consecutivos. Si no tiene éxito, CNTB podría ser elegible para un período adicional de cumplimiento de 180 días al transferirse al Nasdaq Capital Market y cumplir con requisitos específicos de cotización.
El aviso no tiene un impacto inmediato en el estado de cotización de CNTB, y las acciones continúan negociándose en el Nasdaq Global Market. Sin embargo, el incumplimiento de los requisitos de conformidad podría resultar en la exclusión de la lista, sujeta a apelación.
Connect Biopharma (NASDAQ: CNTB)는 2025년 3월 24일자로 나스닥으로부터 최소 입찰 가격 요건 미준수에 대한 결핍 통지를 받았습니다. 회사의 미국 예탁 주식(ADS)은 30일 연속으로 요구되는 주당 $1.00 이하로 거래되었습니다.
회사는 2025년 9월 22일까지 180일의 초기 기간을 부여받아 최소 10일 연속으로 주당 $1.00 이상의 종가를 유지하여 준수를 회복해야 합니다. 만약 실패할 경우, CNTB는 나스닥 자본 시장으로 이전하고 특정 상장 요건을 충족함으로써 추가 180일 준수 기간을 받을 수 있습니다.
이 통지는 CNTB의 상장 상태에 즉각적인 영향을 미치지 않으며, 주식은 나스닥 글로벌 시장에서 계속 거래됩니다. 그러나 준수 요건을 충족하지 못할 경우 상장 폐지될 수 있으며, 이의 제기가 가능합니다.
Connect Biopharma (NASDAQ: CNTB) a reçu un avis de non-conformité de la part de Nasdaq daté du 24 mars 2025, concernant le non-respect de l'exigence de prix d'offre minimum. Les actions américaines de dépôt (ADS) de la société ont été échangées en dessous du prix requis de 1,00 $ par action pendant 30 jours ouvrables consécutifs.
La société a obtenu une période initiale de 180 jours jusqu'au 22 septembre 2025 pour rétablir la conformité en maintenant un prix d'offre de clôture d'au moins 1,00 $ pendant un minimum de dix jours ouvrables consécutifs. En cas d'échec, CNTB pourrait être éligible à une période de conformité supplémentaire de 180 jours en se transférant au Nasdaq Capital Market et en respectant des exigences spécifiques de cotation.
L'avis n'a pas d'impact immédiat sur le statut de cotation de CNTB, et les actions continuent d'être échangées sur le Nasdaq Global Market. Cependant, le non-respect des exigences de conformité pourrait entraîner un retrait de la liste, sous réserve d'appel.
Connect Biopharma (NASDAQ: CNTB) hat am 24. März 2025 eine Mängelmitteilung von Nasdaq erhalten, die sich auf die Nichteinhaltung der Mindestgebotsanforderung bezieht. Die amerikanischen Depotaktien (ADS) des Unternehmens wurden 30 aufeinanderfolgende Geschäftstage unter dem erforderlichen Preis von 1,00 $ pro Aktie gehandelt.
Dem Unternehmen wurde eine 180-tägige Frist bis zum 22. September 2025 gewährt, um die Einhaltung wiederherzustellen, indem es einen Schlusskurs von mindestens 1,00 $ für mindestens zehn aufeinanderfolgende Geschäftstage aufrechterhält. Bei Misserfolg könnte CNTB für einen zusätzlichen 180-tägigen Compliance-Zeitraum in Frage kommen, indem es an den Nasdaq Capital Market wechselt und bestimmte Listungsanforderungen erfüllt.
Die Mitteilung hat keine unmittelbaren Auswirkungen auf den Listungsstatus von CNTB, und die Aktien werden weiterhin am Nasdaq Global Market gehandelt. Das Nichteinhalten der Compliance-Anforderungen könnte jedoch zu einem Delisting führen, das anfechtbar ist.
- 180-day grace period granted to regain compliance
- Possibility of additional 180-day extension if eligible
- Trading continues normally on Nasdaq Global Market
- Risk of potential delisting from Nasdaq if minimum bid price requirements are not met
- Stock trading below $1.00 for 30 consecutive business days
- May need to transfer to Nasdaq Capital Market if compliance isn't achieved by September 2025
Insights
Connect Biopharma's Nasdaq deficiency notice represents a significant regulatory challenge that could impact investor confidence and liquidity. With the company's ADSs trading below the
While the company has been granted a 180-day remediation period until September 22, 2025, and the notice has no immediate impact on trading, this development signals potential underlying issues. Companies facing this situation typically consider several remediation strategies including reverse stock splits, additional capital raises (which may be dilutive to existing shareholders), or exploring strategic alternatives.
The potential consequences extend beyond regulatory compliance. Many institutional investors operate under mandates prohibiting investments in sub-
If unable to regain compliance during the initial period, CNTB may seek an additional 180-day extension by transferring to the Nasdaq Capital Market, effectively representing a downgrade in listing status. The ultimate risk of delisting, while not imminent, would substantially impact the company's market visibility, trading volume, and shareholder value.
SAN DIEGO, March 28, 2025 (GLOBE NEWSWIRE) -- Connect Biopharma Holdings Limited (Nasdaq: CNTB) (Connect Biopharma or the Company), a clinical-stage biopharmaceutical company focused on transforming acute and chronic care in asthma and chronic obstructive pulmonary disease (COPD), today announced that it received a letter dated March 24, 2025 from the Listings Qualifications Department of the Nasdaq Stock Market LLC (Nasdaq) indicating that, for the last 30 consecutive business days, the bid price for the Company’s American Depositary Shares (ADSs) had closed below the minimum
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until September 22, 2025 (the first business day after the 180-day period), to regain compliance. The letter states that the Nasdaq staff will provide written confirmation of compliance if at any time during this 180-day period, the closing bid price of the Company’s ADSs is at least
The Company intends to monitor the bid price of its ADSs and to consider available options if its ADSs do not trade at a level likely to result in the Company regaining compliance with Nasdaq’s minimum bid price rule by September 22, 2025.
If the Company does not regain compliance by September 22, 2025, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to first transfer to the Nasdaq Capital Market and then meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Nasdaq staff would notify the Company that its securities would be subject to delisting. In the event of such a notification, the Company may appeal the Nasdaq staff’s determination to delist its securities, but there can be no assurance the Nasdaq staff would grant the Company’s request for continued listing.
About Connect Biopharma and Rademikibart
Connect Biopharma is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and COPD. Headquartered in San Diego, California, the Company is advancing rademikibart, a next-generation, potentially best-in-class anti-interleukin-4-receptor alpha (IL-4Rα) antibody. With an initial focus on acute exacerbations—an area with significant unmet need—rademikibart has the potential to also drive chronic utilization in asthma and COPD amongst the millions of asthma and COPD patients in the U.S. who experience acute exacerbations annually. In a Phase 2 trial for asthma, rademikibart demonstrated strong efficacy and safety, with clinically meaningful reductions in exacerbations and rapid, statistically significant improvements in forced expiratory volume in one second, observed within one week—and in most cases, within 24 hours via home spirometry. For more information, visit www.connectbiopharm.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “Act”). Forward-looking statements are statements that are not of historical fact and include, without limitation, statements regarding future events, our future financial condition, results of operations, business strategy and plans, prospective products (as well as their potential to achieve a differentiated, competitive, or favorable benefit or profile or trend, including on safety, tolerability, improvement, maintenance, clinical response, dosing, efficacy and/or convenience), planned or expected product approval applications or approvals, anticipated milestones, expected data readouts and enrollments, research and development plans and costs, potential future partnerships, expectations about existing partnerships, timing and likelihood of success, objectives of management for future operations, future results of anticipated product development efforts, and adequacy of existing cash and potential partnership funding to fund operations and capital expenditure requirements, as well as statements regarding industry trends or whether the Company will be able to regain compliance with Nasdaq’s minimum bid price requirement. These statements are based on management’s current expectations of future events only as of the date of this press release and are inherently subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control, including, among other things: the ability of our clinical trials to demonstrate safety and efficacy of our product candidates and other positive results; whether we will need expanded or additional trials in order to obtain regulatory approval for our product candidates; our ability to obtain and maintain regulatory approval of our product candidates; existing regulations and regulatory developments in the U.S., the PRC, Europe and other jurisdictions; the ability of our current cash and investments position to support planned operations; our plans and ability to obtain, maintain, protect and enforce our intellectual property rights and our proprietary technologies, including extensions of existing patent terms where available; our continued reliance on third parties to conduct additional clinical trials of our product candidates, and for the manufacture of our product candidates for preclinical studies and clinical trials; and the degree of market acceptance of our product candidates, if approved, by physicians, patients, healthcare payors and others in the medical community.
Words such as “aim,” “anticipate,” “believe,” “could,” “expect,” “feel,” “goal,” “intend,” “may,” “optimistic,” “plan,” “potential,” “promising,” “will,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. The inclusion of forward-looking statements should not be regarded as a representation by Connect Biopharma that any of its expectations, projections or plans will be achieved. Actual results may differ materially due to the risks and uncertainties inherent in our business and other risks described in our filings with the U.S. Securities and Exchange Commission (the “SEC”). Further information regarding these and other risks is included under the heading “Risk Factors” in our periodic reports filed with the SEC. These forward-looking statements should not be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such forward-looking statements have been made are correct or exhaustive or, in the case of the assumptions, fully stated in this presentation. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You are cautioned not to place undue reliance on the scientific data presented or these forward-looking statements, which speak only as of the date of this presentation. Except as required by law, Connect Biopharma undertakes no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise. Connect Biopharma claims the protection of the safe harbor for forward-looking statements contained in the Act for all forward-looking statements.
This press release discusses product candidates that are under clinical study, and which have not yet been approved for marketing by the U.S. Food and Drug Administration or by any other regulatory agency. No representation is made as to the safety or effectiveness of these product candidates for the use for which such product candidates are being studied. The trademarks included herein are the property of the owners thereof and are used for reference purposes only.
Investor Relations Contact:
Alex Lobo
Precision AQ
Alex.lobo@precisionaq.com
(212) 698-8802
Media Contact:
Ignacio Guerrero-Ros, Ph.D., or David Schull
Russo Partners, LLC
Ignacio.guerrero-ros@russopartnersllc.com
David.schull@russopartnersllc.com
(858) 717-2310 or (646) 942-5604
