TEL AVIV - BioLineRx Ltd. (NASDAQ: BLRX) (TASE: BLRX), a biopharmaceutical company, has been notified by the Nasdaq Stock Market LLC of noncompliance with its minimum bid price rule. The company's American Depositary Shares (ADSs) did not meet the Nasdaq Capital Market's requirement of maintaining a minimum bid price of USD $1.00 for 30 consecutive trading days.
The notification, which does not immediately affect BioLineRx's Nasdaq listing or the trading of its ADSs, sets a compliance deadline of November 11, 2024. To regain compliance, the company's ADSs must close at or above USD $1.00 per share for at least 10 consecutive business days before this date. If BioLineRx achieves this, Nasdaq will confirm that the company has met the minimum bid price requirement.
Should BioLineRx fail to meet the requirement by the deadline, it may be granted an additional 180 days to comply, contingent on meeting all other initial listing standards, except for the minimum bid price. During this time, the company would need to notify Nasdaq of its intention to rectify the deficiency.
The company plans to monitor its closing bid price and seek compliance within the allotted timeframe. BioLineRx's business operations remain unaffected by this notification. The company's ordinary shares continue to be listed on the Tel Aviv Stock Exchange and remain in compliance there.
BioLineRx, headquartered in Israel, focuses on developing therapies in oncology and rare diseases. Its first approved product in the U.S. is APHEXDA® for stem cell mobilization in multiple myeloma patients. The company is also advancing a pipeline of investigational medicines for various conditions, including sickle cell disease and pancreatic cancer.
InvestingPro Insights
As BioLineRx Ltd. (NASDAQ: BLRX) faces a challenge with Nasdaq's minimum bid price rule, a closer look at the company's financial health and stock performance through InvestingPro metrics reveals additional layers to the story. The company's market capitalization currently stands at approximately $52.24 million USD, reflecting its size and investor valuation in the market.
Despite the compliance issue, one of the InvestingPro Tips for BioLineRx points out that the company holds more cash than debt on its balance sheet, which could be a reassuring sign for investors concerned about financial stability. However, another tip indicates that analysts do not anticipate the company will be profitable this year, which may contribute to the pressure on the stock's bid price.
Looking at the stock's recent performance, BioLineRx has been trading near its 52-week low, with the price at the previous close being $0.64 USD. The RSI (Relative Strength Index), a technical indicator, suggests that the stock is currently in oversold territory. This could imply that the stock may be undervalued or due for a rebound, which could be of interest to potential investors or current shareholders.
For those looking to delve deeper into the company's prospects, InvestingPro offers additional insights. There are 9 more InvestingPro Tips available, which could provide a well-rounded view of BioLineRx's potential and challenges. To access these tips and more detailed analytics, interested parties can visit InvestingPro. Plus, by using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering even more comprehensive investment tools and data.
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