Acasti Pharma Inc., a late-stage specialty pharma company developing treatments for rare and orphan diseases, has been granted a 180-day extension by the NASDAQ Listing Qualifications Department to regain compliance with the minimum $1.00 per share requirement for continued listing. This extension gives Acasti Pharma until July 24, 2023 to regain compliance and remain a listed company on the NASDAQ Stock Exchange.
On July 27, 2022, Acasti received a notification from NASDAQ indicating that the Company had not been able to maintain a minimum bid price of US$1.00 per share for the past 30 consecutive business days – a violation of the Minimum Bid Price Rule. Acasti has been given 180 calendar days, or until January 23, 2023, to regain compliance and get back in good standing with NASDAQ.
Acasti has been granted an additional 180 calendar days, until July 24, 2023, to regain compliance with NASDAQ’s Minimum Bid Price Rule. In order to meet the requirements of the rule, Acasti’s shares must close at US$1.00 or more for 10 consecutive business days prior to the deadline. To ensure compliance, Acasti will carefully monitor the bid price of its common shares, and consider all available options if the price falls short of the required level.
Acasti is a late-stage specialty pharma company with innovative drug delivery technologies designed to treat rare and orphan diseases. Their three lead clinical assets have each been granted Orphan Drug Designation by the FDA, offering seven years of marketing exclusivity in the United States, plus additional intellectual property protection. These assets target Subarachnoid Hemorrhage, Ataxia-telangiectasia, and Postherpetic Neuralgia, three serious medical conditions for which there is currently no effective treatment. Acasti’s novel drug delivery technologies have the potential to dramatically improve on existing treatments, with faster onset of action, enhanced efficacy, reduced side effects, and more convenient drug delivery. In turn, this could lead to greater patient compliance and improved outcomes.