CNS Pharmaceuticals Receives Temporary Exception from NASDAQ Regarding Minimum Bid Price Requirement

CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) recently disclosed in an 8-K filing that they had received a temporary exception from the NASDAQ Listing Qualifications Department regarding the Minimum Bid Price Requirement. The company had initially faced a notification from Nasdaq on September 12, 2024, stating that their common stock had not maintained a closing bid price of $1.00 per share for the preceding 30 consecutive business days, as required for continued listing on The Nasdaq Capital Market.

Typically, a company would be given a 180-calendar day period to demonstrate compliance with the Minimum Bid Price Requirement. However, due to the company having performed one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, CNS Pharmaceuticals was not eligible for this standard compliance period.

Subsequently, the company requested a hearing before a Panel, which resulted in the Panel providing CNS Pharmaceuticals with a temporary exception to regain compliance with the Minimum Bid Price Requirement until March 11, 2025. The Panel retains the right to review and reconsider the terms of this exception based on any events or conditions that may arise, making the continued listing of the company’s securities on Nasdaq inadvisable or unwarranted.

Additionally, the notification informed CNS Pharmaceuticals that the NASDAQ Listing and Hearing Review Council may decide to review any Panel decision within 45 calendar days after the written decision is issued. In the event of a review, the Council may either confirm, modify, reverse, dismiss, or remand the decision back to the Panel.

The company’s Chief Financial Officer, Chris Downs, signed the report dated November 1, 2024. This development marks an important step for CNS Pharmaceuticals as they work towards ensuring compliance with NASDAQ listing requirements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CNS Pharmaceuticals’s 8K filing here.

CNS Pharmaceuticals Company Profile

CNS Pharmaceuticals, Inc, a clinical pharmaceutical company, engages in the development of anti-cancer drug candidates for the treatment of brain and central nervous system tumors. The company's lead drug candidate is Berubicin, which completed Phase I clinical trial that is used for the treatment of glioblastoma multiforme.