Pain Therapeutics, Inc. said it received a non-compliance notice from Nasdaq for failing to maintain a market value of at least $50 million.
The Austin, Texas-based company also falls short of the total assets and total revenue requirements to remain listed on the Nasdaq Global Market and has until Sept. 10 to regain compliance.
Pain Therapeutics, which develops treatments for pain, said it will monitor the market value of its stock and take actions as necessary. The company's stock price stood at $7.15 per share as of market close on March 16.
