Wexford-based Coeptis Therapeutics Holdings Inc. will remain on Nasdaq, at least for now.
On Jan. 29, 2024, the biotechnology company received a letter from the Listing Qualifications Staff of Nasdaq that the company was not in compliance. That was because shares closed at $0.58, below the minimum bid price requirement of $1.00 per share. The company was given until July 29, 2024, to raise its stock price above $1.00, but failed to do so. Instead, the company requested an extension, presenting the Nasdaq Hearing Panel with a plan that includes a reverse stock split. The Panel issued an extension, giving the company until Jan. 15, 2025, to regain compliance.
"We are pleased with the decision from Nasdaq to grant us our extension," Coeptis CEO and President Dave Mehalick said in a prepared statement. "We look forward to regaining and maintaining compliance with Nasdaq's continued listing requirements and continuing to focus on our goal of improving patient outcomes."
Coeptis (Nasdaq: COEP) first joined Nasdaq in October 2022 following a merger with Bull Horn Acquisition Corp. On its first day, Oct. 31, 2022, shares traded at a high of $12.13 before closing at $9. But by the next week, shares were trading at $2.76, and one year later, on Oct. 31, 2023, shares closed at $1.20.
The company is developing cell therapy platforms for potential treatment of cancer and autoimmune infectious diseases. Amidst its attempts to regain Nasdaq compliance throughout this year, the company closed a $4.3 million Series A funding round backed by CJC Investment Trust. The raise was said to be "allocated towards repayment of outstanding obligations, working capital and general corporate purposes."
