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Angion Biomedica Corp (NASDAQ:ANGN), a biopharmaceutical company that has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases, announced that on December 15, 2022, it received a letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market notifying Angion that for the last 30 consecutive business days the bid price of Angion's common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of Nasdaq listing rule 5450(a)(1).
The notification received has no immediate effect on the listing of Angion's common stock on Nasdaq and Angion does not believe the notification will adversely impact its ongoing strategic realignment process, previously announced July 25, 2022. In accordance with listing rule 5810(c)(3)(A), Angion has 180 calendar days, or until June 13, 2023, to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of Angion's common stock must be at least $1.00 per share for a minimum of ten consecutive business days before June 13, 2023.
If Angion's common stock does not achieve compliance by June 13, 2023, Angion may be eligible for an additional 180-day period to regain compliance if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that Angion will not be able to cure the deficiency, or if Angion does not meet the other listing standards, Nasdaq could provide notice that Angion's common stock will become subject to delisting. In the event Angion receives notice that its common stock is being delisted, Nasdaq rules permit Angion to appeal any delisting determination by the Nasdaq staff to a Hearings Panel.
Posted In: ANGN
