Summary by Moomoo AI
On August 15, 2024, Conduit Pharmaceuticals Inc. received two deficiency notices from The Nasdaq Stock Market LLC. The first notice indicated that the company's common stock did not meet the Nasdaq's minimum market value of publicly held shares requirement of $15 million over the past 30 consecutive business days. The second notice stated that the company also failed to comply with the minimum market value of listed securities requirement of $50 million. Conduit Pharmaceuticals has been given 180 days, until February 11, 2025, to regain compliance with both requirements. If the company fails to meet these requirements within the given timeframe, its securities may be delisted from Nasdaq. The company may also consider transferring its securities to The Nasdaq Capital Market if it meets the continued listing requirements there. In a separate event, Conduit Pharmaceuticals became aware of undisclosed share dispositions by a director through a subsidiary and a third-party pledge arrangement involving approximately 31% of its outstanding common stock. In response, the company has formed two independent committees to review these matters and determine necessary actions.
