Unicycive Therapeutics faces Nasdaq delisting over price, value By Investing.com

Unicycive Therapeutics, Inc., a pharmaceutical company, received a notice from the Nasdaq Stock Market on Monday, indicating non-compliance with the exchange’s listing rules due to its stock price and market value. The company’s common stock has closed below the minimum $1.00 per share bid price for 30 consecutive business days, violating Nasdaq’s Listing Rule 5550(a)(2).

Despite the notice, Unicycive’s stock continues to trade on the Nasdaq Capital Market under the symbol “UNCY.” The company has until January 6, 2025, to meet the minimum bid price requirement. To regain compliance, its stock must maintain a closing bid price of at least $1.00 per share for ten consecutive business days within this 180-day period.

Moreover, on July 11, Unicycive was notified of another compliance issue related to its Market Value of Listed Securities (MVLS), which has been below the required $35 million for continued listing on the Nasdaq Capital Market. The company has been provided a similar 180-day grace period, ending on January 7, 2025, to address this deficiency.

Unicycive is considering options to regain compliance with the Nasdaq Listing Rules and intends to monitor its closing bid price and market value closely. However, if the company fails to comply by the deadlines, it may be delisted from the Nasdaq Capital Market, although it would have the right to appeal any delisting decision.

The company’s CEO, Shalabh Gupta, signed the SEC filing on July 15, 2024, acknowledging the receipt of the notices and the company’s intention to rectify the compliance issues. There is no guarantee that Unicycive will be successful in maintaining its Nasdaq listing. The information is based on a press release statement.

In other recent news, Unicycive Therapeutics has reported positive results from its pivotal clinical trial for Oxylanthanum Carbonate (OLC), a potential treatment for hyperphosphatemia in chronic kidney disease patients. The trial indicated a strong patient preference for OLC over existing phosphate binders. The company has also expanded its manufacturing agreement with Shilpa Medicare to meet anticipated increased manufacturing needs for OLC. Unicycive Therapeutics has doubled its authorized shares from 200 million to 400 million, potentially facilitating capital raising, funding new research and development, or enabling other corporate activities.

Analysts have been keeping a close eye on Unicycive, with H.C. Wainwright maintaining its Buy rating and a $4.50 price target, Noble Capital maintaining its Outperform rating, and Piper Sandler initiating coverage with an Overweight rating. Unicycive is expected to report top-line data from a 16-week Phase 2 trial evaluating OLC’s tolerability in 2024, with a New Drug Application for OLC anticipated by mid-2024, and potential approval by mid-2025.

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