Cuprina Holdings (NASDAQ: CUPR) received a Nasdaq non‑compliance notification on November 28, 2025, after its closing bid price had fallen below the exchange’s $1 minimum for 30 consecutive business days. The letter gives the company a 180‑day window to restore compliance by achieving a bid price of at least $1 for ten consecutive business days, with a possible additional 180‑day extension under strict conditions.
The letter’s deadline falls on May 26, 2026. If Cuprina fails to meet the bid‑price requirement, Nasdaq may delist the shares, which would severely curtail the company’s liquidity and ability to raise capital. The company has indicated it is evaluating options to regain compliance, but no definitive plan has been disclosed.
Cuprina’s financial trajectory underscores the seriousness of the situation. In 2024, revenue fell 52.05% year‑over‑year to $X million, while net losses widened by 39.4% to $Y million. The company’s IPO on April 10, 2025, was followed by a steep decline in market value, with the stock trading below $1 for an extended period. These figures illustrate the underlying weakness that has driven the bid‑price deficiency.
Cuprina’s product portfolio spans chronic wound care, infertility treatments, and cosmeceuticals. Its flagship chronic‑wound product, MEDIFLY bio‑dressing for maggot debridement therapy, has seen limited commercial traction, while the infertility and cosmeceutical lines have yet to achieve significant market penetration. The lack of robust revenue streams in these segments contributes to the company’s low valuation and bid‑price volatility.
Management has stated that it is “evaluating options to regain compliance and intends to timely regain compliance with Nasdaq’s continued listing requirement.” The company has not yet outlined a specific strategy, but the statement signals an awareness of the regulatory risk and a commitment to address it.
The potential delisting would not only reduce liquidity but also erode investor confidence, as Nasdaq’s listing standards are a key benchmark for market participants. A delisting would force investors to seek alternative venues, likely at a discount, and could trigger a cascade of secondary market sell‑offs. The company’s ability to raise capital through equity or debt would also be constrained, limiting its capacity to fund product development and commercial expansion.
Nasdaq’s updated rules now impose stricter conditions on reverse stock splits used to regain compliance. Companies must demonstrate that the split is not a mere cosmetic measure and that it will not dilute shareholder value. Cuprina’s compliance strategy will therefore need to address both the bid‑price requirement and the broader listing standards to avoid a forced delisting.
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