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Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD) Announces Receipt of Extension to Meet the Nasdaq's Minimum Bid Price Requirement
TEL AVIV, Israel, Dec. 14, 2022 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) ("Galmed" or the "Company"), a biopharmaceutical company focused on
About this update from Galmed Pharmaceuticals Ltd.
[{"type":"text","content":"TEL AVIV, Israel, Dec. 14, 2022 /PRNewswire/ -- Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (\"Galmed\" or the \"Company\"), a biopharmaceutical company focused on the development of Aramchol and Amilo-5MER, announced today that on December 13, 2022, it received a letter from The Nasdaq Stock Market LLC (\"Nasdaq\"), notifying the Company that it is eligible for an additional 180 calendar day period, or until June 12, 2023, to regain compliance with the Nasdaq's minimum $1 bid price per share requirement.\nThe Company was first notified by Nasdaq of its failure to maintain a minimum bid price of $1 per share for 30 consecutive trading days under Nasdaq Listing Rule 5550(a)(2) on June 17, 2022, and was given until December 12, 2022 to regain compliance. The Company did not regain compliance with the minimum $1 bid price per share requirement during the first 180-calendar-day compliance period and submitted a written request to the Staff to afford it an additional 180-day compliance period to cure the deficiency .\nIf at any time before June 12, 2023, the bid price of the Company's ordinary shares closes at or above $1 per share for a minimum of 10 consecutive trading days, the Company will regain compliance with the Nasdaq Listing Rules, and the matter will be closed.\nAbout Galmed Pharmaceuticals Ltd.\nGalmed Pharmaceuticals Ltd. is a biopharmaceutical company focused on the development of Aramchol. Historically, Galmed has focused almost exclusively on developing Aramchol for the treatment of liver disease. Galmed is also collaborating with the Hebrew University in the development of Amilo-5MER, a 5 amino acid synthetic peptide.\nCautionary Note Regarding Forward-Looking Statements\nThis press release contains forward-looking statements about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as \"believe,\" \"expect,\" \"intend,\" \"plan,\" \"may,\" \"should,\" \"anticipate,\" \"could,\" \"might,\" \"seek,\" \"target,\" \"will,\" \"project,\" \"forecast,\" \"continue\" or their negative...