Cara Therapeutics (NASDAQ:CARA), Inc., a biopharmaceutical company, has been granted an extension until January 27, 2025, to meet Nasdaq's minimum bid price requirement, according to a recent SEC filing. The company's common stock, which trades under the ticker NASDAQ:CARA, was transferred from the Nasdaq Global Market to the Nasdaq Capital Market effective Thursday.
The Nasdaq Listing Rule 5550(a)(2) requires the company's stock to maintain a minimum closing bid price of $1.00 per share. Cara Therapeutics received the extension notice on July 31, 2024, which allows additional time to regain compliance. The transfer to the Nasdaq Capital Market does not affect the stock's current listing.
To achieve compliance, the company's stock must maintain a closing bid price of at least $1.00 for 10 consecutive business days before the January 2025 deadline. Cara Therapeutics is exploring options, including a potential reverse stock split, to address the bid price deficiency and maintain its listing.
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