Portage Biotech receives noncompliance notification from Nasdaq

Portage Biotech (PRTG) announced that it received written notice from Nasdaq indicating that the company was not in compliance with the minimum shareholders’ equity requirement for continued listing on Nasdaq as set forth in Nasdaq Listing Rule 5550, because the company’s shareholders’ equity of $695,000 as of September 30 as reported in the company’s report on Form 6-K containing unaudited condensed consolidated interim financial statements for the three and six months ended September 30, filed with the SEC on November 26, was below the required minimum of $2.5M, and because, as of the date of the Notice, the company did not meet either of the alternative continued listing standards for the Capital Market, relating to market value of listed securities of at least $35M or net income from continuing operations of at least $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.