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Wed, April 5 at 4:00PM ET

Why Is ContraFect (CFRX) Stock Down 23% Today?

  • ContraFect (CFRX) stock is falling as it faces delisting.
  • The Nasdaq staff rejected its plan to regain compliance.
  • CFRX intends to appeal the decision.
CFRX Stock - Why Is ContraFect (CFRX) Stock Down 23% Today?

Source: arfa adam / Shutterstock.com

ContraFect (NASDAQ:CFRX) stock is falling on Friday after the company provided an update on its potential delisting from the Nasdaq Capital Market.

The company notes in a filing with the SEC that the Nasdaq staff has rejected its request for continued listing on the exchange. The requires ContraFect to appeal the request before its stock is delisted on Jan. 31, 2023.

ContraFect has already indicated its intention to request a hearing with the Nasdaq Hearings Panel to appeal the staff decision. This will keep shares of CFRX stock from being suspended until after that hearing.

ContraFect also mentions that it intends to explore various methods of obtaining Nasdaq compliance. Currently, the company’s problems stem from low stockholders’ equity as well as its shares being under the minimum bid price of $1 each.

What This Means for CFRX Stock

Things are looking grim for the company as it doesn’t have many options available. A reverse stock split would take care of the company’s low share price. However, it wouldn’t address the low stockholders’ equity complaint.

It’s possible the Nasdaq Hearings Panel will reaffirm the staff decision and CFRX stock will be delisted. If that happens, ContraFect might end up shifting shares to an OTC exchange instead.

CFRX stock is down 23.2% as of Friday morning.

Investors looking for all of the hottest stock market news will want to keep reading!

InvestorPlace is home to all of the most recent stock market news traders need to know about on Friday! A few examples include what’s happening with shares of Akanda (NASDAQ:AKAN) and Redhill Biopharma (NASDAQ:RDHL) stock, as well as the biggest pre-market stock movers on Friday morning. You can find all that news at the following links!

More Friday Stock Market News

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Read More:Penny Stocks — How to Profit Without Getting Scammed

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/01/why-is-contrafect-cfrx-stock-down-23-today/.

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