Atossa Therapeutics Inc. (Nasdaq: ATOS), a Seattle-based biotech that develops breast cancer treatments, has gained more time to comply with Nasdaq listing rules, according to a Tuesday filing with the Securities and Exchange Commission.
In October 2022, Atossa informed the SEC it faced delisting from the Nasdaq because its stock had sunk below $1 per share for 30 consecutive business days, and the company had until April 3 to regain compliance by getting its stock price to at least $1 per share for at least 10 consecutive business days. With a 180-day extension, Atossa now has until Oct. 2 to regain compliance.
The company didn't provide more information beyond the Tuesday regulatory filing.
Atossa said in the filing it will "actively monitor the bid price for its common stock" until Oct. 2. The company added it will look into ways to regain compliance, including a reverse stock split, in which companies raise their stock prices by consolidating shares, making for fewer, more valuable shares.
When Atossa first informed the SEC of its potential delisting last year, Atossa said it could gain an extension if it met other Nasdaq listing rules, such as having at least 300 public holders and having a market value of publicly held shares of at least $1 million.
Atossa was founded 2009. The company has multiple breast cancer treatments in Phase 2 clinical trials. Atossa went public in 2012, and Steven Quay has led the company as CEO since its founding. In December, Atossa closed a $4.7 million investment in the cancer-focused biotech Dynamic Cell Therapies, giving Atossa a roughly 19% stake in the company.
Atossa's stock closed at 71 cents per share Wednesday, down from more than $8 in June 2021. In its year-end 2022 financial results, released in March, Atossa reported more than $118 million in total assets.
