Ritter Pharmaceuticals Inc. received a notice of noncompliance from Nasdaq for failing to meet the $1 minimum bid price requirement.
It has 180 days, or until Dec. 4, to regain compliance. However, if the company's closing bid price reaches $1 or more for a minimum of 10 consecutive business days, it may regain compliance before the deadline.
If it fails to comply on the initial period, the company may be granted an extension of 180 days. This will depend on the company meeting the minimum market value of publicly held shares standard and other initial listing rules.
The Los Angeles-headquartered pharmaceutical company also needs to submit a written notice of how it plans to cure the minimum bid price deficiency during the second compliance period.
The notice has no immediate impact on the listing of its common stock on the Nasdaq Capital Market.