Conduit Pharmaceuticals receives Nasdaq delisting notices; discloses 31% of shares pledged without company knowledge

CDT Equity Inc.

Nasdaq notified Conduit on Aug 15, 2024 for non-compliance: MVPHS <$15M and MVLS <$50M; 180-day cure period until Feb 11, 2025.
Company disclosed that a director's subsidiary pledged a substantial amount of shares without company knowledge.
Approximately 30M shares (31% of outstanding) are subject to a third-party pledge with a significant stockholder.
Board formed a Special Committee to review pledge transactions and a Trading Review Committee to investigate trading patterns.

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