Vincerx Pharma Receives Extension from Nasdaq to Regain Compliance with Minimum Bid Price Requirement

Vincerx Pharma, Inc. (NASDAQ: VINC) recently announced in an 8-K filing with the Securities and Exchange Commission, that the company has received an extension from The Nasdaq Stock Market LLC (“Nasdaq”). The extension allows Vincerx Pharma additional time to regain compliance with the minimum bid price requirement set by Nasdaq.

The issue arose when Nasdaq notified the company on May 22, 2024, that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) due to the closing bid price of the company’s common stock being lower than the required minimum bid price of $1.00 per share for the previous 30 consecutive business days. Vincerx Pharma initially had until November 18, 2024, to meet the minimum bid price requirement or could be eligible for an additional 180-day compliance period.

In response to this, on November 14, 2024, Vincerx Pharma submitted a request to Nasdaq for an extension. Subsequently, on November 19, 2024, Nasdaq granted the company an additional 180 days, extending the deadline until May 19, 2025, to regain compliance with the minimum bid price requirement.

Vincerx Pharma stated in the filing that it will be closely monitoring the closing bid price of its common stock and will explore available options, including the possibility of implementing a reverse stock split of its outstanding common stock to meet the minimum bid price requirement. However, the company also highlighted that there is no guarantee that it will be able to achieve compliance within this extended period or meet other continued listing requirements of The Nasdaq Capital Market.

If Vincerx Pharma fails to regain compliance within the additional 180-day period, Nasdaq will issue a notice of potential delisting of the company’s common stock. In such a scenario, the company would have the opportunity to contest the decision at a Nasdaq hearings panel, although there is no assurance of a successful appeal.

The leadership at Vincerx Pharma remains dedicated to addressing this matter and ensuring the company’s compliance with regulatory requirements. Shareholders and stakeholders will be eagerly awaiting further updates on the company’s progress in meeting the Nasdaq’s listing standards.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Vincerx Pharma’s 8K filing here.

Vincerx Pharma Company Profile

Vincerx Pharma, Inc, a clinical-stage biopharmaceutical company, researches and develops therapies to address unmet medical needs for the treatment of cancer in the United States. It is developing enitociclib, a cyclin-dependent kinase-9 inhibitor that is in Phase 1 clinical trials for treating patients with hematologic malignancies; and VIP236, a small molecule drug conjugate that is in Phase 1 clinical trials to treat solid tumors.