Adverum Biotechnologies, Inc.: Nasdaq/NYSE listing notice — Adverum receives Nasdaq deficiency notice for bid price below $1.00

Adverum Biotechnologies, Inc.

Common stock closed below $1.00 for 30 consecutive business days as of Dec. 6, 2023.
Company has until June 3, 2024 to regain compliance with minimum $1.00 bid price.
If not compliant, Adverum may seek a 180-day extension or implement a reverse stock split.
Board has authority from stockholders to effect reverse split at ratios from 1:5 to 1:20 through June 9, 2024.
No immediate effect on listing; Adverum meets all other Nasdaq Capital Market standards.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Adverum Biotechnologies, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5450(a)(1), 5810(c)(3)(A)

Exact text from the filing

December 6, 2023, 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 June 3, 2024, to regai

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Source: SEC EDGAR

accession 0001193125-23-291682

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