On November 23, 2022 BeyondSpring Inc. (the "Company" or "BeyondSpring") (Nasdaq: BYSI), a clinical stage global biopharmaceutical company focused on developing innovative cancer therapies, reported that on November 18, 2022, it received a written notification from The Nasdaq Stock Market LLC ("Nasdaq") that the Company is not in compliance with the requirement to maintain a minimum closing bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550(a)(2), because the closing bid price of the Company’s ordinary shares (the "Ordinary Shares") was below $1.00 per share for 30 consecutive business days (Press release, BeyondSpring Pharmaceuticals, NOV 23, 2022, View Source [SID1234624409]). The notification letter does not result in the immediate delisting of the Company’s Ordinary Shares and has no current immediate effect on the listing or trading of the Company’s Ordinary Shares on Nasdaq.
Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days from the date of the notification letter, or until May 17, 2023, to regain compliance with the minimum bid price requirement. During this period, the Company’s Ordinary Shares will continue to trade on Nasdaq. If at any time before May 17, 2023, the bid price of the Company’s Ordinary Shares closes at or above $1.00 per share for a minimum of ten consecutive trading days, Nasdaq will provide written confirmation of compliance and this matter will be closed. In the event the Company does not regain compliance by May 17, 2023, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period.
The notification letter does not affect the Company’s business operations, and the Company is considering all available options to regain compliance with the listing rules within the prescribed grace period.