Biostage will be delisted from the NASDAQ stock market if it loses an upcoming appeal, after the company failed to raise its bid price to $1 within a given 180-day period.
The Holliston company said it received a letter from NASDAQ on May 18, saying its failure to reach the $1 bid price requirement, and its non-compliance with the $2.5 million stockholders’ equity requirement as of the quarter ended March 31, could serve as a basis for delisting unless the company requests a hearing before the Nasdaq Hearings Panel.
Biostage plans to request a hearing, which will protect it from being delisted until the panel takes action. The panel can grant an extension through Nov. 14.
Biostage was initially threatened with de-listing in November. Its first quarter financials showed a loss of $3.8 million, with $6.6 million in cash — roughly enough to get it through the year.
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