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Cardiol Therapeutics Receives Nasdaq Deficiency Notice Regarding Minimum Bid Price Requirement
Toronto, Ontario--(Newsfile Corp. - October 20, 2023) - Cardiol Therapeutics Inc. ( NASDAQ: CRDL ...
About this update from Cardiol Therapeutics Inc. Class A
[{"type":"text","content":"Cardiol Therapeutics Receives Nasdaq Deficiency Notice Regarding Minimum Bid Price RequirementToronto, Ontario--(Newsfile Corp. - October 20, 2023) - Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) (\"Cardiol\" or the \"Company\"), a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, announces that on October 19, 2023, it received a notice (the \"Notice\") from the Nasdaq Stock Market LLC (\"Nasdaq\"), stating that the Company is not in compliance with the minimum bid price requirement (\"Minimum Bid Requirement\") of US$1.00 per share under the Nasdaq Listing Rule 5550(a)(2) based upon the closing bid price of the Company's Class A common shares (\"Common Shares\") for the 30 consecutive business days prior to the date of the Notice. The Notice has no immediate effect on the listing or trading of the Common Shares on Nasdaq, and the Company's operations are not affected by the receipt of the Notice. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of the Notice, or until April 16, 2024, to regain compliance with the Minimum Bid Requirement, during which time the Common Shares will continue to trade on Nasdaq. If at any time before April 16, 2024, the bid price of the Common Shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Requirement. If the Company does not regain compliance with the Minimum Bid Requirement by April 16, 2024, the Company may be eligible, upon satisfaction of certain Nasdaq listing requirements, for an additional period of 180 calendar days that would further extend the period of time to regain compliance to October 14, 2024, or the Common Shares may be subject to delisting from Nasdaq.This notice does not have any impact on the Company's TSX listing.This is a Designated News Release.About Cardiol Therapeutics Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Company's lead small molecule drug candidate, CardiolRx™ (cannabidiol) oral solution, is pharmaceutically man...