Atossa Therapeutics, Inc. (NASDAQ:ATOS), a clinical stage biopharmaceutical company developing innovative medicines in areas of significant unmet medical need in oncology with a focus on breast cancer, today announced that on July 13, 2023 it received written notice from The Nasdaq Stock Market LLC that it has regained compliance with the minimum closing bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market.
As previously disclosed, on October 5, 2022, the Company was notified by Nasdaq that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) because its common stock failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days. The Company was initially given 180 days to regain compliance. On April 4, 2023, the Company received a 180-day extension.
To regain compliance, the Company was required to maintain a minimum closing bid price of $1.00 per share for at least 10 consecutive trading days. This requirement was met on July 12, 2023. As a result, the Company’s common stock will continue to be listed and traded on The Nasdaq Capital Market.
“We are pleased to have regained compliance with Nasdaq’s minimum bid price listing requirement,” said Greg Weaver, Atossa’s Chief Financial Officer. “We have made significant progress this year with our (Z)-endoxifen development program and look forward to seeing data from our Phase 2 trials in 2024. With over $100 million cash, as reported on March 31, 2023, and no debt, we believe we have a strong balance sheet and several years working capital, which should allow us to complete our ongoing trials, prepare for potential Phase 3 studies and remain opportunistic with respect to business development.”
