Nasdaq Moves to Delist Jupiter Neurosciences After $35M Market Value Miss
JUNS is trading near its 52-week low of $4.101 (18% below the low) on light trading volume (0.2× avg).
Summary
Nasdaq has formally determined to delist Jupiter Neurosciences after the company failed to meet the $35 million minimum market value requirement by the August 25 deadline. The company plans to appeal and request a hearing, which would stay the delisting. Jupiter also regained compliance with the $1.00 minimum bid price rule. The stock fell 18% in after-hours trading to $3.42, adding to a 15% drop during regular trading. This follows a series of dilutive financings and a reverse stock split that failed to stabilize the share price. The appeal process will determine whether the stock remains listed on Nasdaq.
At the time of this announcement, JUNS was trading at $3.38 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $5.1M. The 52-week trading range was $4.10 to $137.96. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.