Cara Therapeutics (CARA) has released an update to notify the public and investors about listing compliance status.
Cara Therapeutics, Inc. has been notified by Nasdaq of noncompliance with its minimum bid price rule due to its stock price being below $1.00 for 30 days. The company has until July 30, 2024, to meet the compliance by maintaining a bid price of at least $1.00 for ten consecutive business days. If noncompliance persists, Cara Therapeutics may be granted an additional 180 days to comply after transferring to The Nasdaq Capital Market. The company is exploring options to address the issue but there is no certainty of regaining compliance.
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For a comprehensive understanding of the announcement, you can read the full document here.