Adverum Biotechnologies, Inc.: Nasdaq/NYSE listing notice — Adverum receives Nasdaq bid-price deficiency notice; has until May 17, 2023 to comply

Adverum Biotechnologies, Inc.

Received Nasdaq letter on Nov 18, 2022; bid price closed below $1.00 for 30 consecutive business days.
Has 180 calendar days (until May 17, 2023) to regain compliance with minimum bid price of $1.00 for 10 consecutive business days.
If not compliant by May 17, 2023, may be eligible for a second 180-day period if it meets other listing standards.
Company intends to monitor bid price and evaluate options, including a potential reverse stock split.
Currently meets all other continued listing requirements; failure to cure could lead to delisting.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Adverum Biotechnologies, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5450(a)(1)

Exact text from the filing

November 18, 2022, Adverum Biotechnologies, Inc. received a letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market notifying Adverum that for the last 30 consecutive business days the bid price of Adverum’s common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of Nasdaq listing rule 5450(a)(1). The notification received has no immediate effect on the listing of Adverum’s common stock on Nasdaq. In accordance with listing rule 5810(c)(3)(A), Adverum has 180 calendar days, or until May 17, 2023, to re

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Source: SEC EDGAR

accession 0001140361-22-043051

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