Summary by Futu AI
Avalo Therapeutics, Inc. has successfully regained compliance with the Nasdaq Capital Market's minimum bid price requirement, according to a notification received from Nasdaq on January 30, 2024. The company had previously been warned on August 8, 2023, that its common stock had been trading below the $1.00 minimum bid price for 30 consecutive business days, violating Nasdaq's Listing Rule 5550(a)(2). In response, Avalo Therapeutics executed a reverse stock split on December 28, 2023, which resulted in the stock price remaining above $1.00 since December 29, 2023. Despite regaining compliance, Nasdaq has placed the company under a one-year mandatory panel monitor starting from January 30, 2024. Should Avalo Therapeutics fall below the bid price requirement again within this period, it will not be allowed to submit a compliance plan and could face delisting without the possibility of an extension or cure period. The company would then have the right to request a hearing with a Nasdaq panel to address the issue.