Onconetix receives additional delisting notice from Nasdaq
Onconetix (ONCO) received a staff delisting letter from Nasdaq on May 20 indicating that the company's failure to file its Quarterly Report Q for the three months ended March 31, 2025 is in violation of Nasdaq's continued listing requirements. The company received a deficiency notice from Nasdaq that the company was not in compliance with Nasdaq's Listing Rules as set forth in the Rule given the company's failure to timely file its Annual Report on Form 10-K for FY24. The company received a Staff delisting letter from the Nasdaq Listing Qualifications Staff indicating that the company was no longer in compliance with the requirement for continued listing on Nasdaq to maintain a minimum bid price of $1.00 per share. On April 14, Nasdaq issued a further notice that the company's securities had a closing bid price of 10c or less for ten consecutive trading days and was subject to delisting. The company timely requested a hearing before the Panel, which stayed the trading suspension pending the Panel's decision, and the Panel has scheduled a hearing date of May 27. The company had seven calendar days from the date of the Notice, or until May 1, to request a stay of the suspension, which request will stay the suspension of the Company's securities pending the Panel's decision. The company submitted a stay request on May 1. The company intends to file the Form 10-K and 10-Q as promptly as possible in order to regain compliance with the Rule.
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