Kiora Pharmaceuticals (NASDAQ:KPRX) stock is dropping on Friday after the clinical-stage pharmaceutical company received a delisting notice.
That delisting notice comes from the Listing Qualifications Department of the Nasdaq. The problem with KPRX stock is that its shares have remained below the $1 minimum bid price for 30 consecutive business days.
According to this filing, Kiora Pharmaceuticals now has 180 days to regain compliance with the listing rule. Even if it doesn’t do so, the company could be eligible for an extension that would give it another 180 days to get back above $1 per share.
What’s Next for KPRX Stock?
In light of this delisting notice, Kiora Pharmaceuticals says it will continue to monitor the closing price of its stock. The company says there can be no guarantee that its shares will regain compliance with the Nasdaq listing requirement.
It’s possible that Kiora Pharmaceuticals will enact a reverse stock split to get its price above the $1 minimum bid. This is a common tactic that companies use when their shares can’t climb back above $1 naturally. However, the company is likely to hold off on such an action until it has no other option to avoid delisting.
KPRX stock is down 6.6% as of Friday morning and is down 81.7% year-to-date (YTD) as of yesterday’s close.
Investors keeping an eye out for all of the hottest stock market news on Friday are in the right place!
We have all of the biggest stock market stories that traders will want to know about today! That includes what’s going on with shares of Sigma Additive Solutions (NASDAQ:SASI) stock, Digital World Acquisition (NASDAQ:DWAC) stock and BioNexus Gene Lab (NASDAQ:BGLC) stock on Friday. All of that news is ready to go at the links below!
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On the date of publication, William White did not hold (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.
