Veru Inc. notified of potential Nasdaq delisting By Investing.com

Veru (NASDAQ:) Inc., a pharmaceutical company, has received a notification from Nasdaq on Thursday, August 29, 2024, regarding non-compliance with the exchange’s minimum bid price rule. The company’s common stock, traded under the ticker VERU on the Nasdaq Capital Market, has been closing below the required $1.00 per share for 30 consecutive business days.

Despite the notice, Veru’s stock will remain listed on the Nasdaq Capital Market for now. The company has been granted a 180-day period, until February 25, 2025, to regain compliance with the minimum bid price rule. To achieve compliance, the closing bid price of Veru’s common stock must meet or exceed $1.00 per share for at least 10 consecutive trading days within this period. Nasdaq may choose to extend this duration at its discretion.

Should Veru fail to meet the requirement by the February deadline, it may be eligible for an additional 180-day compliance period. However, to qualify for this extension, the company must meet all other initial listing standards for the Nasdaq Capital Market, except for the bid price requirement, and must express its intention to resolve the deficiency, which may include a reverse stock split if necessary.

If Veru Inc. is unable to regain compliance during the allotted time frames, it faces the risk of being delisted from the Nasdaq. This development was confirmed in a filing with the Securities and Exchange Commission (SEC) on Friday, August 30, 2024, by Michele Greco, the Chief Financial Officer and Chief Administrative Officer of Veru Inc.

The company, originally known as Female Health Co, and before that as Wisconsin Pharmacal Company Inc, is headquartered in Miami, Florida, and operates under the SIC code for Pharmaceutical Preparations [2834].

In other recent news, Veru Inc. has terminated its Open Market Sales Agreement with Jefferies LLC, a move marking a significant shift in its capital-raising strategies. This development is alongside the pharmaceutical company’s expansion of its Board of Directors with the appointment of Loren Mark Katzovitz, and the challenges faced in achieving the required quorum for its 2024 Annual Meeting of Shareholders.

In terms of analyst ratings, Jefferies revised its price target for Veru from $1.20 to $1.00, maintaining a Hold rating, while Oppenheimer reduced its target from $7.00 to $5.00, maintaining an Outperform rating. Furthermore, Veru is conducting a Phase IIB clinical trial to evaluate enobosarm for obesity treatment, led by obesity expert Dr. Steven B. Heymsfield.

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