Sunshine Biopharma (NASDAQ:SBFM) stock is falling on Monday after the pharmaceutical company received a delisting notice from the Nasdaq Exchange.
That delisting notice notes that shares of SBFM stock have been trading for less than the $1 minimum bid price for too long. The company was first notified of this back in March 2023. It used extensions to try and regain compliance during the last year.
However, shares of SBFM stock have continued to fall, resulting in it trading for less than 10 cents per share for 10 consecutive business days. This has triggered another delisting notice. The company has sought an appeal, and a meeting with the Nasdaq Hearings Panel is set for April 25, 2024.
What This Means for SBFM Stock
Sunshine Biopharma notes that it intends to undergo a 1-for-40 reverse stock split as a way to boost the price of its shares. It already has shareholder approval for this action and hopes doing so will get it back above the Nasdaq’s minimum listing requirement.
News of the delisting notice and reverse stock split plans has brought heavy trading to SBFM shares this morning. That has over 4 million units trading hands as of this writing. That’s above its daily average trading volume of about 2.3 million shares.
SBFM stock is down 17% as of Monday morning.
Investors looking for all of the latest stock market stories are in luck!
We have all of the hottest stock market news that traders need to know about on Monday! That includes what’s going on with shares of BioVie (NASDAQ:BIVI) stock, Ainos (NASDAQ:AIMD) stock and BitFuFu (NASDAQ:FUFU) this morning. 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 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.
