Reunion Neuroscience REUN no longer meets the minimum required $1.00 per-common-share for continued listing on the Nasdaq.
The psychedelic biotech company started trading in October 2020 at $10.84 a share. It achieved its highest point on July 2021 ($32.50), but the price slipped almost $5 between November and December 2021. The downward spiral continued to 2023.
The first time the bid price was below $1.00 was in the last weeks of December 2022. It hovered at around $1.41, but since the beginning of March, the price remained somewhere between $1.08 and $0.64.
Reunion has a 180-day period, ending Oct. 16, to regain compliance. This will be obtained by having its common shares maintain a closing bid price of $1.00 or more for a minimum of ten consecutive business days.
Should the company not achieve the goal during that period, it may still request an additional 180 calendar days; yet if NASDAQ regards Reunion as “unable to cure the deficiency,” or if it is not eligible for the second period, the company would face delisting.
Reunion's lead psychedelic compound, RE104, is a 4-OH-DiPT prodrug in clinical development as a potential treatment for postpartum depression for which the company has recently sued another psychedelics company claiming ownership
ICYMI, Exclusive Coverage From The Benzinga Psychedelics Capital Conference 2023:
Photo: Benzinga edit with photo by Commons and Pexels.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- Earn global recognition for your achievements.
- Shine a spotlight on the people around you that deserve their moment.
- Celebrate with the newest, hottest and most successful in the cannabis industry.
Join us on September 27-28, 2023 at Chicago Marriott Downtown Magnificent Mile in Chicago, IL.