ESSA Pharma Fails Minimum Price Requirement for NASDAQ Listing

ESSA Pharma (TSX:EPI; NASDAQ:EPIX) announced it received notification from the NASDAQ Stock Market saying the company doesn’t meet the “minimum bid price requirement” for continued listing.
As quoted in the press release:

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s common shares for the 30 consecutive business days from June 6, 2017, the Company no longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company’s listing on The Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until January 15, 2018, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s common shares must have a closing bid price of at least US $1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by January 15, 2018, the Company may be eligible for additional time to regain compliance.

Click here to read the full press release.

Source: www.newswire.ca