Why Is Cartesian Therapeutics (RNAC) Stock Down 5% Today?


  • Cartesian Therapeutics (RNAC) stock is falling on Monday alongside a delisting notice.
  • The company’s shares have failed to remain above the $1 minimum bid price.
  • This gives RNAC until July 15, 2024 to regain listing compliance.
RNAC Stock - Why Is Cartesian Therapeutics (RNAC) Stock Down 5% Today?

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Cartesian Therapeutics (NASDAQ:RNAC) stock is falling on Monday after the clinical-stage biopharmaceutical company revealed a delisting notice.

This notice comes from the Nasdaq Listing Qualifications department and has to do with the price of RNAC stock. Cartesian Therapeutics’ shares have been trading below the $1 minimum bid required to remain on the Nasdaq Exchange for 30 consecutive business days.

With this notice, Cartesian Therapeutics now has 180 business days to get the price of RNAC stock back above the $1 minimum bid. That gives it until July 15, 2024, to achieve this goal. Even if it fails to do so, the company may be eligible for another 180-day grace period.

Cartesian Therapeutics says it will continue to monitor the price of RNAC stock and will work to get it back above the $1 minimum bid. The company doesn’t say how it will do so and warns it may not be successful.

How This Affects RNAC Stock

For now, RNAC stock isn’t in any danger of being delisted. However, that’s not easing the concerns of investors following today’s delisting notice.

As a result, shares of RNAC stock are down 5% as of Monday morning.

Investors who are seeking out even more of the most recent stock market stories are going to want to stick around!

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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.

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