MORRISVILLE – Biotech firm Novan, its stock mired below $1, has received permission from the Nasdaq to move its listing to the Nasdaq Capital Market and is mulling a possible reverse stock split as a way of raising its share price.
Novan announced Wednesday it also had received a 180-day extension to regain compliance with minimum bid price requirement of $1 or more per share price for 10 consecutive business days.
The change in listing does not affect Novan’s stock symbol (NOVN).
“The approval was, in part, based upon the Company meeting the applicable market value of publicly held shares requirement for continued listing and all other applicable requirements for initial listing on the Nasdaq Capital Market (except for the minimum bid price requirement), the Company’s written notice of its intention to cure the minimum bid price deficiency by effecting a reverse stock split, if necessary, its agreement to the conditions outlined in the Nasdaq Listing Agreement, and additional supporting information provided in the Company’s application,” Novan noted.
Managemen says it “intends to continue to actively monitor the minimum bid price requirement and, as appropriate, will consider available options to resolve any deficiencies and regain compliance.”
