PXMD stock is now trading near the important $1 level

Shareholders aren’t reacting positively to the offering, as it will dilute PXMD stock. Meanwhile, shares of the company are hovering dangerously close to the pivotal $1 level, despite the company enacting a 1-for-17 reverse stock split that became effective on Oct. 30.
Its unclear whether the reverse stock split helped PaxMedica regain compliance with Nasdaq’s minimum price requirement of $1. Today, the company remains on the Nasdaq’s Noncompliant Companies list. Nasdaq will mark a stock as noncompliant if it closes under $1 for 30 consecutive business days. Compliance can be regained if a stock closes at or above $1 for at least 10 consecutive business days, but generally no more than 20 consecutive business days.