XORTX receives Nasdaq notice for minimum bid price deficiency

XORTX Therapeutics Inc. (NASDAQ: XRTX) received notification from Nasdaq that its stock price has fallen below the exchange's minimum bid price requirement of $1.00 per share for 30 consecutive business days, according to a company statement.

The pharmaceutical company, which develops treatments for kidney disease and gout, said the notification does not immediately impact its listing on the Nasdaq Capital Market. XORTX has 180 calendar days from the notification date to regain compliance with Nasdaq Rule 5550(a)(2).

To resolve the deficiency, XORTX's stock must close at or above $1.00 per share for a minimum of 10 consecutive business days while continuing to meet other listing requirements. Nasdaq may extend this 10-day period at its discretion.

The company's shares will continue trading on Nasdaq during the 180-day compliance period. XORTX also trades on the TSX Venture Exchange, and the Nasdaq notification does not affect its compliance status on the Canadian exchange.

XORTX stated it intends to evaluate available options to resolve the deficiency and regain compliance with the minimum bid price requirement.

The Calgary-based company has three clinical-stage programs in development: XRx-026 for gout treatment, XRx-008 for autosomal dominant polycystic kidney disease, and XRx-101 for acute kidney injury associated with respiratory virus infections. XORTX is also developing XRx-225, a pre-clinical program for Type 2 diabetic nephropathy.

You May Also Be Interested In

• Valvoline prices $600M senior notes offering, upsized from $500M
• Ferrox names former Gold Resource CEO as executive director and COO
• Evolution Metals adds retired Air Force general to its board