Connect Biopharma received a letter dated March 24, 2025, from the Nasdaq Stock Market LLC, indicating that its American Depositary Shares (ADSs) had closed below the minimum $1.00 per share requirement for 30 consecutive business days. This triggers a deficiency notice under Nasdaq Listing Rule 5450(a)(1).
The company has an initial period of 180 calendar days, until September 22, 2025, to regain compliance with the minimum bid price rule. Compliance is achieved if the closing bid price is at least $1.00 for a minimum of ten consecutive business days.
The Nasdaq letter does not immediately affect the listing or trading of the company's ADSs, which will continue to trade under the symbol 'CNTB' on the Nasdaq Global Market. The company intends to monitor its ADS bid price and consider available options to regain compliance.
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