Iterum Therapeutics Regains Compliance with Nasdaq Bid Price Rule

Rhea-AI Summary

Iterum Therapeutics plc (Nasdaq: ITRM) has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. The Company was previously notified that it was not in compliance because its ordinary shares failed to meet the closing bid price of $1.00 or more for 30 consecutive business days. Iterum was provided with 180 calendar days to regain compliance and successfully met the requirement on November 30, 2023.

DUBLIN, Ireland and CHICAGO, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a clinical-stage pharmaceutical company focused on developing next generation oral and IV antibiotics to treat infections caused by multi-drug resistant pathogens in both community and hospital settings, today announced that it has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule") for continued listing on The Nasdaq Capital Market.

The Company was previously notified on September 26, 2023, that it was not in compliance with the Bid Price Rule because its ordinary shares failed to meet the closing bid price of $1.00 or more for 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided with 180 calendar days, or until March 25, 2024, to regain compliance. To regain compliance with the Bid Price Rule, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on November 30, 2023, the tenth consecutive trading day when the closing bid price of the Company's ordinary shares was over $1.00.

About Iterum Therapeutics plc

Iterum Therapeutics plc is a clinical-stage pharmaceutical company dedicated to developing differentiated anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens to significantly improve the lives of people affected by serious and life-threatening diseases around the world. Iterum Therapeutics is advancing its first compound, sulopenem, a novel penem anti-infective compound, in Phase 3 clinical development with an oral formulation and IV formulation. Sulopenem has demonstrated potent in vitro activity against a wide variety of gram-negative, gram-positive and anaerobic bacteria resistant to other antibiotics. Iterum Therapeutics has received Qualified Infectious Disease Product (QIDP) and Fast Track designations for its oral and IV formulations of sulopenem in seven indications.

Investor Contact:
Judy Matthews 
Chief Financial Officer
312-778-6073
IR@iterumtx.com

FAQ

What is the news about Iterum Therapeutics plc (Nasdaq: ITRM)?

Iterum Therapeutics plc (Nasdaq: ITRM) has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market.

Why was Iterum Therapeutics plc (Nasdaq: ITRM) not in compliance with the minimum bid price requirement?

Iterum was not in compliance because its ordinary shares failed to meet the closing bid price of $1.00 or more for 30 consecutive business days.

What was the deadline given to Iterum Therapeutics plc (Nasdaq: ITRM) to regain compliance?

Iterum was provided with 180 calendar days, or until March 25, 2024, to regain compliance.

When did Iterum Therapeutics plc (Nasdaq: ITRM) meet the requirement to regain compliance?

Iterum met the requirement on November 30, 2023, the tenth consecutive trading day when the closing bid price of the Company's ordinary shares was over $1.00.