Seneca Biopharma (SNCA) Regains Compliance with NASDAQ Listing Requirements
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Seneca Biopharma, Inc, (NASDAQ: SNCA), a biopharmaceutical company focused on developing novel treatments for diseases of high unmet medical need, today announced that it received notice from The NASDAQ Stock Market LLC (NASDAQ) on January 22, 2021 indicating that the company has regained compliance with the minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2) for continued listing on The NASDAQ Capital Market.
On March 30, 2020, Seneca received a written notice from the NASDAQ Stock Market LLC that it was not in compliance with NASDAQ Listing Rule 5550(a)(2) as a result of the minimum bid price of its common stock being below $1.00 per share for 30 consecutive business days. At the time, Seneca had until September 28, 2020, to regain compliance. On April 17, 2020, Seneca received a subsequent written notice that as a result of a rule change, the NASDAQ tolled the compliance period through June 30, 2020. As a result, Seneca had until December 10, 2020 to regain compliance. On December 11, 2020, as a result of Seneca request for additional time, Seneca received written notification from NASDAQ that Seneca was granted a 180-day extension to regain compliance with NASDAQ's minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2). Accordingly, Seneca had until June 9, 2021 to meet the bid price requirement.
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