CollPlant receives nasdaq notice over $1 minimum bid requirement

CollPlant Biotechnologies Ltd. (NASDAQ: CLGN) received notification from Nasdaq Stock Market LLC that its shares have failed to maintain the required minimum bid price of $1.00 per share for 30 consecutive business days, the company announced.

The regenerative medicine company received the written notice on March 23, indicating non-compliance with Nasdaq Listing Rule 5550(a)(2). Under Nasdaq rules, CollPlant has been granted a 180-calendar day compliance period until September 21, 2026, to regain compliance.

To meet the requirement, CollPlant's closing bid price must reach or exceed $1.00 per share for at least 10 consecutive business days during the compliance period. The company's shares will continue trading on the Nasdaq Capital Market during this time.

If CollPlant fails to regain compliance by the September deadline, it may qualify for a second 180-day compliance period. To receive the extension, the company must meet continued listing requirements for market value of publicly held shares and other initial listing standards, excluding the minimum bid price requirement. The company would also need to provide written notice of its intention to cure the deficiency, potentially through a reverse share split.

Failure to regain compliance within the allotted period could result in delisting proceedings initiated by Nasdaq.

CollPlant stated it intends to monitor its share price and consider available options to address the deficiency during the compliance period. The company develops products based on its recombinant human collagen platform for regenerative and aesthetic medicine applications.

In 2021, CollPlant entered into a development and commercialization agreement with Allergan, an AbbVie company, for dermal and soft tissue fillers.

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