Kiora Pharma (KPRX) Receives Nasdaq Delisting Notice for Bid Price Rule

TL;DR

**KPRX got a delisting notice from Nasdaq for low stock price; they have until July 15, 2024, to fix it or get booted.**

AI Summary

KIORA PHARMACEUTICALS INC (KPRX) announced on January 16, 2024, that it received a delisting notice from Nasdaq because its common stock failed to maintain a minimum bid price of $1.00 for 30 consecutive business days. While Kiora has 180 calendar days, until July 15, 2024, to regain compliance, this notice signals significant financial instability and could lead to the stock being moved to an over-the-counter market, potentially reducing liquidity and investor interest.

Why It Matters

This matters because delisting from Nasdaq can severely impact a company's reputation, stock liquidity, and ability to raise capital, making it a riskier investment for current and potential shareholders.

Risk Assessment

Risk Level: high — The delisting notice indicates severe financial distress and potential loss of market access, posing a high risk to investors.

Analyst Insight

A smart investor would carefully evaluate Kiora's plan to regain Nasdaq compliance and consider the significant risks associated with potential delisting, including reduced liquidity and investor confidence, before making any investment decisions.

Key Numbers

• $1.00 — Minimum Bid Price (The threshold Kiora's common stock failed to maintain on Nasdaq.)
• 30 — Consecutive Business Days (The period over which Kiora's stock price remained below the minimum bid requirement.)
• 180 — Calendar Days (The timeframe Kiora has to regain compliance with Nasdaq's listing rules.)

Key Players & Entities

• KIORA PHARMACEUTICALS INC (company) — the registrant receiving the delisting notice
• Nasdaq (company) — the exchange issuing the delisting notice
• $1.00 (dollar_amount) — the minimum bid price requirement
• January 16, 2024 (date) — date of the earliest event reported and delisting notice
• July 15, 2024 (date) — deadline to regain Nasdaq compliance

Forward-Looking Statements

• Kiora Pharmaceuticals will execute a reverse stock split to regain Nasdaq compliance. (KIORA PHARMACEUTICALS INC) — medium confidence, target: July 15, 2024
• Kiora Pharmaceuticals' stock price will experience increased volatility. (KPRX) — high confidence, target: July 15, 2024

FAQ

Key Financial Figures

• $0.01 — nge on which registered: Common Stock, $0.01 par value KPRX NASDAQ Indicate by che
• $1.00 — Company's common stock had closed below $1.00 per share, which is the minimum closing

Filing Documents

• kprx-20240116.htm (8-K) — 24KB
• 0001372514-24-000002.txt ( ) — 153KB
• kprx-20240116.xsd (EX-101.SCH) — 2KB
• kprx-20240116_lab.xml (EX-101.LAB) — 25KB
• kprx-20240116_pre.xml (EX-101.PRE) — 13KB
• kprx-20240116_htm.xml (XML) — 3KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported, on July 18, 2023, Kiora Pharmaceuticals, Inc. (the "Company") received a deficiency letter (the "Notice") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the bid price for the Company's common stock had closed below $1.00 per share, which is the minimum closing price required to maintain continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Requirement"). The Notice had no immediate effect on the listing of the Company's common stock on Nasdaq. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company had 180 calendar days, or until January 15, 2024, to regain compliance by maintaining a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecutive trading days. On January 16, 2024, Nasdaq notified the Company in writing (the "Extension Letter") that while the Company had not regained compliance with the Bid Price Rule, it was eligible for an additional 180-day compliance period, or until July 15, 2024, to regain compliance with the Bid Price Rule. Nasdaq's determination was based on the Company having met the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Bid Price Rule, and on the Company's written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company does not regain compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Company's common stock, at which point the Company would have an opportunity to appeal the delisting determ

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. KIORA PHARMACEUTICALS, INC. By: /s/ Melissa Tosca Melissa Tosca Executive Vice President of Finance (Principal financial and accounting officer) Date: January 16, 2024

View Full Filing

View this 8-K filing on SEC EDGAR