Acorda Therapeutics, Inc. (NASDAQ:ACOR) today announced that it was notified by the Listing Qualifications Staff of The Nasdaq Stock Market LLC that, due to the Company’s common stock not having regained compliance with the minimum price of $1.00, the stock is subject to delisting unless the Company timely requests a hearing before the Nasdaq Hearings Panel. The Company plans to submit such request within the required seven calendar days, which will stay any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Hearings Panel following the hearing. The Hearings Panel has the discretion to grant the Company an extension through June 17, 2023.
At the hearing, the Company intends to present a plan to achieve compliance with the Nasdaq listing requirements and to request additional time to regain such compliance. In the event that the Company receives an extension but cannot regain compliance within the extended time, the Company would effect a reverse stock split under authorization from stockholders received in November 2022. There can be no assurance that the Panel will grant the Company an extension or that the Company will ultimately regain compliance with all applicable requirements for continued listing on The Nasdaq Global Select Market.
“We believe it is in the best interests of shareholders to allow the stock price to grow organically rather than effecting a reverse stock split, and will discuss this and our long-term plan with the Hearings Panel,” said Ron Cohen, M.D., Acorda’s President and Chief Executive Officer.
