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ABVC BioPharma, Inc. Granted Additional 180-Day Grace Period to Regain Compliance With Nasdaq Bid Price Requirement
FREMONT, CA - January 13, 2025 (NEWMEDIAWIRE) - ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company focused on innovative
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA - January 13, 2025 (NEWMEDIAWIRE) - ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company focused on innovative treatments in ophthalmology, CNS (central nervous system), and oncology/hematology, is pleased to announce that Nasdaq has granted the Company an additional 180-day grace period, until July 7, 2025, to regain compliance with the Nasdaq Capital Market's minimum $1.0 bid price per share requirement.\nABVC remains fully committed to addressing the bid price deficiency during this extended compliance period. If the Company's closing bid price meets or exceeds $1 per share for a minimum of 10 consecutive business days within this timeframe, we will be in compliance with that requirement and Nasdaq should close this matter.\nThe Company has demonstrated compliance with all other applicable Nasdaq continued listing requirements, including the market value of publicly held shares and shareholder equity thresholds.\nTo ensure compliance, ABVC intends to monitor its stock price closely and will take all necessary steps to maintain its Nasdaq listing.\nUttam Patil, Ph.D., Chief Executive Officer of ABVC, stated: \"We appreciate Nasdaq's confidence in our ability to achieve compliance. This extension provides the flexibility needed to implement strategic measures that are expected to enhance shareholder value and maintain our position on the Nasdaq. We remain optimistic about achieving compliance and executing our growth and development plans.\"\nFor more information about ABVC and its subsidiaries, stay updated on the latest updates or visit https://abvcpharma.com. ABVC urges its shareholders to sign up on the Company's website for the latest news alerts; visit https://abvcpharma.com/?page_id=17707\nAbout ABVC BioPharma & Its Industry\nABVC BioPharma is a clinical-stage biopharmaceutical company with an active pipeline of six drugs and one medical device (ABV-1701/Vitargus®) under development. For its drug products, the Company utilizes in-licensed technology from its network of world-renowned research institutions to conduct proof-of-concept trials through Phase II of clinical development. The Company's network of research institutions includes Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center. For Vitargus®, the Company intends to conduct global...