GT Biopharma Receives Letter from Nasdaq Regarding Non-Compliance with Listing Rule 5550(b)(1)

On November 21, 2024, GT Biopharma, Inc. (NASDAQ: GTBP) announced in an SEC filing that it had received a notice from the Nasdaq Listing Qualifications Staff regarding non-compliance with Nasdaq Listing Rule 5550(b)(1).

The letter from Nasdaq stated that the company’s stockholders’ equity had fallen below the required minimum of $2,500,000 for continued listing as outlined in Nasdaq Listing Rule 5550(b)(1). This determination was based on the stockholders’ equity reported in GT Biopharma’s Quarterly Report on Form 10-Q for the period ended September 30, 2024. Additionally, the company was found to not meet the alternatives of market value of listed securities or net income from continuing operations, leading to non-compliance with Nasdaq’s Listing Rules.

Despite the notification, GT Biopharma’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “GTBP” for the time being. The company has until January 6, 2025, to submit a plan to Nasdaq outlining how it intends to achieve and maintain compliance. If Nasdaq approves the plan, the company may be granted an extension of up to 180 days from the date of the Letter to demonstrate compliance. In the event that Nasdaq does not accept the plan, GT Biopharma will have the opportunity to appeal the decision to a Nasdaq Hearings Panel.

GT Biopharma has expressed its intention to present a plan to Nasdaq within the allotted timeframe in an effort to regain compliance with Listing Rule 5550(b)(1). However, the company has cautioned that there is no guarantee that its plan will be accepted by Nasdaq, that it will successfully regain compliance, or that it will meet the continued listing requirements during any compliance period granted by Nasdaq.

Alan Urban, the Chief Financial Officer of GT Biopharma, signed the report on behalf of the company on November 27, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read GT Biopharma’s 8K filing here.

GT Biopharma Company Profile

GT Biopharma, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immuno-oncology products based on its proprietary Tri-specific Killer Engager (TriKE) fusion protein immune cell engager technology platform. It develops GTB-3550, a single-chain tri-specific recombinant fusion protein conjugate that is in Phase I clinical trial for the treatment of myelodysplastic syndromes, refractory/relapsed acute myeloid leukemia or advanced systemic mastocytosis, and CD33+ malignancies.