Biodexa Pharmaceuticals Plc (BDRX) experienced a significant surge in its stock price during Tuesday’s after-hours trading session. This bullish movement was triggered by a positive announcement from the company regarding its Nasdaq listing status.
The Nasdaq Hearings Panel granted Biodexa an extension to demonstrate compliance with the $1 minimum bid price requirement, a crucial factor for continued listing on the exchange. The company had received a delisting notice back in August and had swiftly filed an appeal for a hearing before the Nasdaq panel.
This recent extension provides Biodexa with a crucial window of opportunity. Until October 31st, the company must maintain a closing price of at least $1 per share for a minimum of 20 consecutive trading days to satisfy the Nasdaq’s listing requirements.
This news has been well-received by investors, as evidenced by the substantial rise in BDRX shares. At the time of writing, Biodexa shares were trading around $9, reflecting a significant increase in investor confidence.
It’s worth noting that Biodexa implemented a ratio change on its American Depositary Receipts (ADRs) last month. This move, effectively equivalent to a 1-for-20 reverse stock split, aimed to bring the company’s stock price in line with Nasdaq listing regulations.
Biodexa Pharmaceuticals, a clinical-stage biopharmaceutical company, is dedicated to developing a pipeline of products designed to treat diseases with unmet medical needs. The company’s focus on this area is reflected in its commitment to research and development, driving its progress in the pharmaceutical industry.
This Nasdaq extension grants Biodexa valuable time to demonstrate its ability to maintain a sustainable stock price. This development is being closely watched by investors and industry analysts alike, as it could potentially signal a positive trajectory for the company’s future.