Casi Pharmaceuticals receives Nasdaq deficiency notice

CASI Pharmaceuticals (CASI) received a notice from The Nasdaq Stock Market dated May 5, 2025 stating that the Company is not in compliance with the requirement to maintain a minimum Market Value of Listed Securities of $35 million as set forth under Nasdaq Listing Rule for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a minimum MVLS of $35 million, and Nasdaq Listing Rule 5810(c)(3)(C) specifies that a deficiency occurs if the MVLS falls below this threshold for 30 consecutive business days. Based on the Company’s MVLS for the 30 consecutive business days from March 20, 2025, to May 2, 2025, the Company no longer meets this requirement. The Notice further states that the Company also does not meet the alternative requirements under Nasdaq Listing Rules 5550(b)(1) and 5550(b)(3). Pursuant to Nasdaq Listing Rule 5810(c)(3)(C), the Company has a 180-calendar-day compliance period, which expires on November 3, 2025. If, during this period, the Company’s MVLS closes at or above $35 million for at least 10 consecutive business days, Nasdaq will notify the Company of its compliance, and the matter will be closed. If the Company is unable to regain compliance with the applicable Nasdaq Listing Rules by the end of the compliance period, it will receive a written notice that its securities are subject to delisting. The Notice has no immediate effect on the listing of the Company’s securities and the Company’s securities continue to trade on Nasdaq. The Company intends to take appropriate actions within the specified period to regain compliance. However, there can be no assurance that the Company will be able to regain compliance under the MVLS Requirement and other applicable Nasdaq Listing Rules.