Scynexis Inc. said the Nasdaq stock market notified the company that it was not in compliance with the exchange's $1 minimum bid price rule.
The stock market said the closing bid price for Scynexis' common stock was below the required $1 per share for 30 consecutive days.
Nasdaq said the company has 180 calendar days, or until June 18, 2019, to regain compliance. If the company does not regain compliance by the deadline, the Jersey City, N.J.-based company may still be eligible for additional time to comply under certain conditions.
Scynexis plans to evaluate available options to address the deficiency and regain compliance with the rule, the company said in a filing.
Scynexis develops and commercializes anti-infectives. Its lead product candidate SCY-078 is an oral and intravenous drug for treating various fungal infections.