Connect Biopharma receives Nasdaq deficiency notice for minimum bid price

Connect Biopharma received a letter from the Nasdaq Listings Qualifications Department indicating that, for the last 30 consecutive business days, the bid price for the company’s ADSs had closed below the minimum $1.00 per share requirement for continued listing on Nasdaq Global Market. The company has been provided an initial period of 180 calendar days, or until March 11, 2024, to regain compliance. The Nasdaq letter has no immediate effect on the listing or trading of the company’s ADSs and the ADSs will continue to trade on the Nasdaq Global Market under the symbol “CNTB.” The company intends to resolve the deficiency and evaluate its available options for regaining compliance with Nasdaq’s minimum bid price rule within the compliance period. If the company does not regain compliance by March 11, 2024, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the company would be required to first transfer to the Nasdaq Capital Market and then meet the continued listing requirement for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period.