Statera Biopharma (NASDAQ:STAB) stock is rising higher on Thursday as the company holds a meeting with The Nasdaq Stock Market’s Nasdaq Hearings Panel.
The meeting with the Nasdaq Hearings Panel has to do with a delisting notice the company received for STAB shares. The problem that has it facing delisting is a delay on the release of earnings reports.
Just how many earnings reports has Statera Biopharma failed to file? The company still hasn’t filed 2021 earnings or earnings reports for the first and second quarters of 2022. As a result, it doesn’t meet the filing requirements to remain on the exchange.
What Will Happen to STAB Stock?
According to the company, it does intend to file these delayed earnings reports. Doing so would allow it to remain on the Nasdaq exchange. However, first it has to get an extension approval. This would keep it from being delisted while it works on filing those reports.
Another problem that could keep STAB stock from remaining on the exchange is its price. The Nasdaq has a minimum bid requirement of $1 per share. STAB stock has been sitting lower than that for months now and it could present a problem for the clinical-stage biopharmaceutical company in the future.
Heavy trading has STAB stock moving today with some 64 million shares being traded as of this writing. That’s a massive surge in trading volume compared to the company’s daily average of 578,000 shares.
STAB stock is up 67.8% as of Thursday morning.
There’s more stock market news worth checking out below!
InvestorPlace is home to all of the most recent stock news traders need to know about for Thursday! Among that is why shares of Blue Apron (NYSE:APRN), Camber Energy (NYSEMKT:CEI) and Pinterest (NYSE:PINS) stock are moving today. You can catch up on all of that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.