TC Biopharm (Holdings) PLC shares were down 13%, to $5.50, after the clinical-stage biopharmaceutical company said it has received written notification the Nasdaq Stock Market saying it hasn’t regained compliance with its listing rules.
Nasdaq sets a minimum Market Value of Listed Securities of $35 million required for continued listing on the Nasdaq Capital Market.
The company, which develops gamma-delta T cell therapies for the treatment of cancer, intends to request a hearing which would stay the suspension or delisting action pending the hearing and the expiration of any extension period granted by the listing qualifications staff following the hearing.
TC Biopharm intends to present the Nasdaq panel with a comprehensive plan to address the current deficiency in relation to the market value of the Company’s listed securities to maintain the Nasdaq listing. The company’s ADSs and warrants would remain listed on the Nasdaq Capital Market until a decision is made.
The stock closed Wednesday’s session up 28%, but is down 50% in the past three months.