Greenland Mines Ltd (NASDAQ: GRML) received formal notification from The Nasdaq Stock Market LLC granting an additional 180-day period through September 14, 2026, to regain compliance with Nasdaq's minimum bid price requirement, according to a company statement.

The extension reflects Nasdaq's determination that the company meets all other applicable listing requirements, including those related to market value of publicly held shares and other continued listing standards.

The company must achieve a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the compliance period to regain compliance with Nasdaq's requirements.

Greenland Mines operates two divisions: Natural Resources, focused on the exploration and development of the Skaergaard Project in Southeast Greenland, and Cell and Gene Therapy, including development of KLTO-202 for ALS treatment.

The company holds an 80% interest in the Skaergaard Project through its recent acquisition of Greenland Mines Corp., with an option to acquire the remaining 20%. The project hosts a 2022 NI 43-101 Indicated and Inferred Mineral Resource of 25.4 Moz PdEq and 23.5 Moz AuEq.

The mineral resource estimates were prepared in accordance with NI 43-101 by SLR Consulting as disclosed in a technical report dated November 22, 2022. The company noted that mineral resources are not mineral reserves and do not have demonstrated economic viability.