Business
Nasdaq Delisting Determination - Appeal update
Nasdaq Delisting Determination - Appeal update.
About this update from Renalytix Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nRenalytix plc\n(\"Renalytix\" or the \"Company\")\n \nRenalytix Submits Hearing Request to Nasdaq Hearings Panel in Regard to Staff Delisting Determination\n \nThroughout the hearings process and pending the Panel's decision, the Company's ADSs will continue trading on The Nasdaq Global Market under the symbol \"RNLX\"\n \nLONDON and NEW YORK, June 28, 2024 -- Renalytix plc (Nasdaq: RNLX) (LSE: RENX) announces that it has formally submitted a hearing request to the Nasdaq Hearings Panel (the \"Panel\"), which request has now stayed the suspension of the Company's securities pending the Panel's decision as described below. Throughout the hearings process, pending the Panel's decision, the Company's American Depositary Shares (\"ADSs\") will continue trading on The Nasdaq Global Market under the symbol \"RNLX.\"\n \nAt the Panel hearing, the Company intends to present a strategic plan to regain compliance with the applicable Nasdaq listing requirements. However, there can be no assurance that the Company's plan will be accepted by the Panel or that, if it is, the Company will be able to regain compliance with the applicable Nasdaq listing requirements. If the Company's ADSs are delisted, it could be more difficult to buy or sell the Company's ADSs or to obtain accurate quotations, and the price of the Company's ADSs could suffer a material decline. Delisting could also impair the Company's ability to raise capital.\n \nAs previously disclosed, on June 25, 2024, the Company received written notice on June 21, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (\"Nasdaq\") notifying the Company that it has been out of compliance with Nasdaq's minimum closing bid price requirement, as set forth in Nasdaq Listing Rule 5450(a)(1), for the Company's ADSs and the requirement to maintain a minimum market value of listed securities of $50,000,000 for continued listing o...