The Akers Biosciences Inc. said it received a notice from the Nasdaq Stock Market for failure to comply with one of the listing rules.
The Thorofare, N.J.-based healthcare company violated the Nasdaq's shareholder approval requirement with its 2013 incentive stock and award plan, from before its IPO on Nasdaq. Akers Biosciences' board had amended and upsized the plan twice, in 2015 and in 2016. The company became aware of the potential violation in the first quarter of 2018 and notified Nasdaq.
Akers Biosciences has until June 25 to submit a plan to regain compliance and then 180 calendar days to implement it, if approved. The notice has no current effect on the company's Nasdaq listing.
Recently, Akers said it was granted additional time to comply with Nasdaq's $1 per share minimum bid price requirement.
Akers develops and manufactures rapid screening and testing products.