Plus Therapeutics, Inc. (NASDAQ: NASDAQ:PSTV), a clinical-stage pharmaceutical company, has been notified by the Nasdaq Stock Market that it is currently not in compliance with Nasdaq's minimum stockholders' equity requirement. The company disclosed in its annual report for the year ended December 31, 2023, a stockholders' equity deficit of $1,348,000, which does not meet the Nasdaq Capital Market's continued listing standards.
The Nasdaq notice, received on March 8, 2024, indicates that Plus Therapeutics does not satisfy the minimum $2.5 million stockholders' equity rule, nor does it meet the alternative compliance standards based on market value of listed securities or net income criteria. Despite this, the notice does not affect the company's current listing status.
Nasdaq has provided Plus Therapeutics with a 45-day period, ending on April 22, 2024, to submit a plan to regain compliance. If the plan is accepted, the company may be granted up to 180 days, or until September 4, 2024, to meet the listing requirements.
Failure to submit an acceptable plan, or to achieve compliance within the granted extension period, may lead to the delisting of the company's common stock from the Nasdaq Capital Market.
In response to the notice, Plus Therapeutics has announced its intention to submit a compliance plan by the specified deadline. The company is considering various strategies to fulfill the equity standard or alternative requirements, including potential capital-raising activities.
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