Pulmatrix Regains Compliance With Nasdaq Listing Requirements

Rhea-AI Summary

Pulmatrix, Inc. (NASDAQ: PULM) announced it has regained compliance with Nasdaq's minimum bid price requirement as of March 14, 2022. The company was initially notified on August 17, 2021, for failing to maintain a minimum bid price of $1.00 for 30 consecutive business days. Following its compliance, the matter has now been resolved. Pulmatrix specializes in developing inhaled therapies for serious pulmonary and non-pulmonary diseases using its patented iSPERSE™ technology, targeting conditions such as ABPA and COPD.

Positive

• Regained compliance with Nasdaq minimum bid price listing requirement.
• Achieved minimum closing bid price of $1.00 for 10 consecutive trading days.

Negative

• None.

LEXINGTON, Mass., March 17, 2022 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM), a clinical-stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE™ technology, today announced that it received written notice from the Nasdaq Listing Qualifications Staff of the NASDAQ Stock Market LLC ("Nasdaq") stating that the Company regained compliance with the applicable Nasdaq minimum bid price continued listing requirement and the matter is now closed.

The Company had previously been notified by Nasdaq on August 17, 2021 that it was not in compliance with the minimum bid price requirement because its common stock failed to maintain a minimum bid price of $1.00 for 30 consecutive business days. In order to regain compliance with Nasdaq Listing Rule 5550(a)(2), the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days, which was achieved March 14, 2022.

About Pulmatrix, Inc.
Pulmatrix is a clinical-stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE™ technology. The Company's proprietary product pipeline includes treatments for serious lung diseases, such as allergic bronchopulmonary aspergillosis ("ABPA"), Chronic Obstructive Pulmonary Disease ("COPD"), and neurologic disorders such as acute migraine. Pulmatrix's product candidates are based on its proprietary engineered dry powder delivery platform, iSPERSE™, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes.

Forward-Looking Statements
Certain statements in this letter that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements of historical fact and may be identified by words such as "anticipates," "assumes," "believes," "can," "could," "estimates," "expects," "forecasts," "guides," "intends," "is confident that", "may," "plans," "seeks," "projects," "targets," and "would," and their opposites and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the impact of the novel coronavirus (COVID-19) on the Company's ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on the Company's ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; the Company's ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; the ability to secure and enforce legal rights related to the Company's products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to the Company, is set forth in the Company's filings with the SEC, including its most recent annual report on Form 10-K, as amended, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Timothy McCarthy, CFA
212.915.2564
tim@lifesciadvisors.com  

 

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SOURCE Pulmatrix, Inc.

FAQ

What did Pulmatrix announce on March 17, 2022?

Pulmatrix announced that it regained compliance with Nasdaq's minimum bid price requirement.

What is the stock symbol for Pulmatrix?

The stock symbol for Pulmatrix is PULM.

When was Pulmatrix initially notified of non-compliance with Nasdaq?

Pulmatrix was notified on August 17, 2021.

What was the minimum bid price Pulmatrix needed to maintain?

Pulmatrix needed to maintain a minimum bid price of $1.00.

How long did Pulmatrix maintain the required bid price to regain compliance?

Pulmatrix maintained the required bid price for at least 10 consecutive trading days.