CNS Pharmaceuticals Faces Delisting Threat from Nasdaq for Non-Compliance with Minimum Bid Price Requirement

CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) is currently in hot waters with the Nasdaq Stock Market regarding its compliance with the Minimum Bid Price Requirement. As per a recent 8-K filing submitted to the Securities and Exchange Commission, CNS Pharmaceuticals disclosed that it had received a notice from Nasdaq on September 12, 2024. The notification highlighted that for the preceding 30 consecutive business days, CNSP’s common stock failed to maintain a closing bid price of $1.00 per share, a prerequisite for continued listing on The Nasdaq Capital Market as outlined in Nasdaq Listing Rule 5550(a)(2).

Typically, companies are granted a 180-calendar day window to demonstrate compliance with the Minimum Bid Price Requirement. However, in CNS Pharmaceuticals’ case, they are not eligible for an extension period as specified in Listing Rule 5810(c)(3)(A) due to effecting one or more reverse stock splits over the previous two-year span with a cumulative ratio of 250 shares or more to one.

To address this issue, CNS Pharmaceuticals has requested a hearing before a Hearings Panel scheduled for November 5, 2024. The initiation of this hearing has automatically paused any suspension or delisting measures until the completion of the hearing and any further extension period if approved by the Panel post the hearing. Despite these actions, there exists uncertainty regarding whether the Panel will grant CNS Pharmaceuticals an additional extension period beyond the hearing date.

CNS Pharmaceuticals operates in the biopharmaceutical sector, focusing on developing novel treatments for brain and central nervous system tumors. The outcome of the upcoming hearing could significantly impact the company’s standing on the Nasdaq Stock Market and its future operations. Investors and stakeholders keen on CNSP’s developments will be monitoring the situation closely as it unfolds.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CNS Pharmaceuticals’s 8K filing here.

CNS Pharmaceuticals Company Profile

CNS Pharmaceuticals, Inc, a clinical pharmaceutical company, engages in the development of anti-cancer drug candidates for the treatment of brain and central nervous system tumors. The company's lead drug candidate is Berubicin, which completed Phase I clinical trial that is used for the treatment of glioblastoma multiforme.