Quince Therapeutics Inc.
11/14/2024 | Press release | Distributed by Public on 11/14/2024 05:56
Material Event Form 8 K
Item 8.01 Other Events.
On November 12, 2024, Quince Therapeutics, Inc. (the "Company") received written notice (the "Compliance Notice") from The Nasdaq Stock Market LLC ("Nasdaq") informing the Company that it has regained compliance with Nasdaq Listing Rule 5450(a)(1) ("Rule 5450(a)(1)"), which requires listed securities to maintain a minimum bid price of $1.00 per share (the "Minimum Bid Price Requirement").
As previously reported, on June 20, 2024, the Company received a letter from Nasdaq indicating that, based on the closing bid price of the Company's common stock over the previous 34 consecutive trading days, it no longer complied with the Minimum Bid Price Requirement for continued listing on The Nasdaq Global Select Market under Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was given an initial period of 180 calendar days from the date of notice, or until December 17, 2024, to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the Company needed to maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days.
Nasdaq informed the Company in the Compliance Notice that, for the last 10 consecutive business days, from October 29, 2024, through November 11, 2024, the closing bid price of the Company's common stock was $1.00 per share or higher. Accordingly, the written notice confirmed that the Company has regained compliance with Rule 5450(a)(1) and that the matter is now closed.