Shrugging off Friday’s losses, the shares price of Pulmatrix Inc (NASDAQ:PULM) gained over 29% to close at $4.98. The gains came at a share volume of 5,200 compared to average share volume of 6.61 million. After the recent gain, the market cap of firm stands at 63.51 million.
Last week decline can be attributed to the reported direct offering of 950,000 shares priced at $3.50 a share. Shares jumped 10-fold in January before correcting. The closing date of direct offering is February 8.
More recently, Pulmatrix reported that it has regained listing requirements for NASDAQ. The firm was sent a deficiency notice on January 11, 2017 mentioning its failure to uphold a minimum market value of $5 million.
As previously stated, on January 11 Pulmatrix obtained a notice from the Listing Qualifications Department of the renowned stock exchange Nasdaq indicating that the firm’s common stock has been unsuccessful in maintaining “MVPHS” of $5 million over the preceding 30 consecutive days as mandated by the NASDAQ set forth in Listing guideline 5450(b)(1)(C).
The letter indicated that the firm had 180 calendar days to regain compliance with the listing rule. It further mentioned that if, at any time over this period, the firm’s MVPHS closes at $5 million or more for a minimum of ten successive business days, Nasdaq would give the firm with written confirmation of being achieved compliance with the Listing Rule.
Earlier in February, Pulmatrix obtained a letter from Nasdaq notifying the firm that for the preceding 10 consecutive business days, that is from January 17, 2017 through January 31, 2017, the firm’s MVPHS has been $5 million or greater, and hence, the firm has regained compliance with the listing rule and this discussion is now closed.
Pulmatrix, the firm is focused on the advancement of cure for lung diseases with its pipeline engrained in a technology named iSPERSE.