Portage biotech announces receipt of nasdaq noncompliance letter

No impact at this time on the listing of the company's ordinary shares on nasdaq company intends to submit to nasdaq a compliance plan westport, conn., dec. 12, 2024 (globe newswire) -- portage biotech inc. (“portage” or the “company”) (nasdaq: prtg), a clinical-stage immuno-oncology company with a portfolio of novel multi-targeted therapies for use as monotherapy and in combination, announced today that it received written notice (the “notice”) from the nasdaq stock market, llc (“nasdaq”) on december 10, 2024 indicating that the company was not in compliance with the minimum shareholders' equity requirement for continued listing on the nasdaq capital market (the “capital market”) as set forth in nasdaq listing rule 5550(b)(1) (the “shareholders' equity requirement”), because the company's shareholders' equity of $695,000 as of september 30, 2024, as reported in the company's report on form 6-k containing unaudited condensed consolidated interim financial statements for the three and six months ended september 30, 2024, filed with the united states securities and exchange commission (the “sec”) on november 26, 2024, was below the required minimum of $2.5 million, and because, as of the date of the notice (and as of the date of this press release), the company did not meet either of the alternative continued listing standards for the capital market, relating to market value of listed securities of at least $35 million or net income from continuing operations of at least $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.
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