Cellyan Biotechnology Co. Ltd (NASDAQ:HKPD) shares remained under pressure after the company disclosed that it received an additional 180-day compliance period from Nasdaq to regain compliance with the exchange’s minimum $1.00 bid price requirement.
HKPD closed Thursday’s regular session down 5.18% at $0.43. The stock fell 20.79% to $0.34 in after-hours trading.
Cellyan Biotechnology provides over-the-counter pharmaceutical cross-border e-commerce supply chain and procurement services through its Hong Kong subsidiaries.
Nasdaq Grants More Time To Regain Compliance
In a press release issued Thursday, the company said Nasdaq granted it an additional 180 calendar days, through Jan. 11, 2027, to regain compliance with the exchange’s minimum $1.00 closing bid price requirement.
To regain compliance, HKPD must maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days before the extension expires.
The company said it intends to pursue all feasible measures to restore compliance but cautioned there is no assurance it will satisfy the listing requirement within the allotted period.
Nasdaq noted that Cellyan meets all other initial listing standards for the Nasdaq Capital Market except the minimum bid price requirement. The company also said it could pursue a reverse stock split, if necessary, to regain compliance.
The notification does not affect the current trading of HKPD shares, which will continue to trade on the Nasdaq Capital Market.
Trading Metrics
Cellyan Biotechnology has a market capitalization of approximately $10.2 million, with a 52-week high of $2.58 and a 52-week low of $0.32.
Over the past 12 months, HKPD shares have fallen 69.03%.
Benzinga Edge Stock Rankings show negative price trends across the short-, medium-, and long-term time frames, reflecting continued weakness in the stock.
Image via Shutterstock/ Gorodenkoff
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