The Biodexa Pharmaceuticals PLC-ADR (NASDAQ: BDRX) stock price rallied 27% amid renewed investor interest in the company following plans to appeal the Nasdaq delisting determination after receiving a delisting notice from the Nasdaq.
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The clinical-stage biopharma company developing products aimed at primary and metastatic cancers of the brain announced on June 14, 2023, that it had received a delisting notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq).
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The Nasdaq delisting notice was triggered by the company’s share price closing below a bid price of $0.0 for ten consecutive trading days. However, the company expressed its desire to appeal the delisting notice, which it did a few days later, on June 16, 2023.
Biodexa Pharma also conducted a unique reverse stock split by adjusting the representative ratio of its US ADRs from one (1) ADR representing five (5) ordinary shares to one ADR representing four hundred (400) ordinary shares of its stock.
The adjustment of the ADR ratio is expected to come into effect on July 5, 2023, which means that we will likely see a significant jump in the Biodex Pharma (BDRX) stock price once it comes into effect. The change in ADR is similar to a 1-for-80 reverse stock split.
The Nasdaq panel is set to hear the company’s appeal on August 10, 2023, a month after the reverse stock split comes into effect. I hope the BDRX share price will not fall further in that timeframe.
Today’s rally in the Biodexa Biopharma stock price was driven by renewed investor interest in the company, as over 11.54 million BDRX shares had changed hands at the time of writing. Hopefully, the investor interest shall translate into a sustained rally heading into the reverse stock split date.
*This is not investment advice.
Biodexa Pharma (BDRX) stock price.
The Biodexa Pharma (BDRX) stock price rallied 27% to trade at $0.0794, from Monday’s closing price of $0.0625.
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