Summary by Moomoo AI
On June 27, 2024, Allarity Therapeutics, Inc., a clinical-stage biopharmaceutical company, announced that it has been granted a hearing before a Nasdaq Hearings Panel to present its plan for regaining compliance with Nasdaq's Listing Rule 5550(a)(2), commonly referred to as the Bid-Price Rule. This rule mandates that a company's stock must maintain a minimum bid price of $1.00 per share for at least 30 consecutive business days. The hearing is a result of a notification of non-compliance received by Allarity, which was previously disclosed in a Form 8-K filed on June 21, 2024. Allarity had already indicated its intention to appeal the determination in its preliminary proxy statement and formally requested a hearing on June 25, 2024. The company is currently preparing for the hearing and will provide updates on the process as they become available. Allarity Therapeutics is focused on the development of stenoparib, a novel PARP/Tankyrase inhibitor, for advanced ovarian cancer patients and utilizes its DRP companion diagnostic for patient selection in its ongoing phase 2 clinical trial.
