Seattle-based biotech Atossa Therapeutics Inc. (Nasdaq: ATOS) has regained compliance with Nasdaq listing rules, the company disclosed in a Monday filing with the Securities and Exchange Commission.
Atossa received notice in September from the stock exchange that it was out of compliance because its stock had dropped below $1 per share for 30 consecutive business days. The company had until March 25 to regain compliance by getting its stock price to at least $1 per share for at least 10 consecutive business days.
Atossa met the requirement and regained compliance on Thursday. The company didn't comment on regaining compliance beyond the SEC filing.
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Atossa was founded in 2009. The company is developing therapies aimed at breast cancer, and it has multiple treatments in phase 2 clinical trials. As of the end of September, Atossa had $101.7 million in assets. The company in December 2022 closed a $4.7 million investment in the cancer-focused biotech Dynamic Cell Therapies, giving Atossa a roughly 19% stake in the company.
Atossa first went public in 2012. The company's stock was trading at roughly $1.48 per share Tuesday morning. CEO Steven Quay has led the company since its founding.
In October, Atossa named Heather Rees the company's principal financial and accounting officer. Rees replaced Greg Weaver, who held the Atossa chief financial officer role after a little more than four months. At the time, Atossa was looking for a permanent CFO. An Atossa spokesperson said the company doesn't have an update on the CFO search. Rees joined Atossa in 2017 as a controller and was promoted to vice president of finance and accounting in 2021.
Multiple local companies have recently struggled with meeting Nasdaq listing requirements. Seattle-based online cannabis marketplace Leafly first received notice in November 2022 it was out of compliance, but in September of last year the company regained compliance by enacting a reverse stock split, which is when a company consolidates shares to make for fewer, more valuable shares. Seattle-based Impel Pharmaceuticals, meanwhile, received notice in April that it was out of compliance. The company filed for bankruptcy in December and was acquired by a group of investors in February.
