Business
Nasdaq Grants Listing Extension
Nasdaq Grants Listing Extension.
About this update from Renalytix Plc
[{"type":"text","content":"\n\nRenalytix plc\n(\"Renalytix\" or the \"Company\")\n \nNasdaq Grants Listing Extension\n \nRenalytix's American Depositary Shares (\"ADSs\") will continue trading on the Nasdaq Capital Market effective at the open of trading on August 27, 2024\n \nLONDON and NEW YORK, 27 August 2024 - Renalytix plc (NASDAQ: RNLX) (LSE: RENX), an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and advance value-based care, provides the following update in respect of its Nasdaq listing status.\n \nAs previously announced on June 27, 2024, the Company disclosed that it had formally submitted an appeals hearing request to the Nasdaq Hearings Panel (the \"Panel\"), which request stayed the suspension of the Company's securities pending the Panel's decision regarding the continued listing status of Renalytix's American Depositary Shares (\"ADSs\") on The Nasdaq Global Market under the symbol \"RNLX\". The appeals hearing on this matter was held on July 30, 2024. Following a review of the Company's operating and financing plans, on August 23, 2024 the Panel responded with their decision to grant the Company additional time to regain compliance. \n \nThe Panel considered all information provided and granted the Company's request for an exception through October 25, 2024, at which time the Company must evidence compliance with a closing bid price of $1 or more per share, file public disclosure describing transactions undertaken by Renalytix to achieve compliance, and provide the Panel with income projections for the next 12 months. The Panel also agreed that the Company is better suited for The Nasdaq Capital Market at this time. With that and the Panel's decision to grant the exception, the Company's ADSs will transfer to the Nasdaq Capital Market effective at the open of trading on August 27, 2024.\n \nAs a reminder, the Company confirms that it is in advanced discussions with key stakeholders of the business, who have indicated their support for management to achieve the Company's goals of the refreshed business plan, with focused expenditure and investment alongside reduced operating costs, and a suitable capital structure and funding. The Company will continue to assess options to ...