Nasdaq Grants SpiSparc, Ltd. Extension To Maintain Listing: +600% Bid Price Surge Needed

Specialty clinical-stage biopharma company SciSparc Ltd. SPRC has received a Nasdaq notice granting the company an additional 180-day compliance period until March 4 to regain compliance with the stock market’s minimum bid price rule.

The decision, per the company, is based on its ability to meet the continued listing requirement for market value of public shares and remaining applicable requirements except for the $1.00 minimum bid price, as well as SciSparc’s written intention statement to cure the mentioned deficiency during the second compliance period. If necessary, it will do so through a reverse stock split.

Importantly, the notification has no immediate effect on the listing or trading of SciSparc’s ordinary shares, which continue to trade under the symbol “SPRC.”

Context

On March 8, shortly after an announcement about SciSparc’s collaboration for an Autism Spectrum Disorder (ASD) clinical trial, Nasdaq informed the company that its ordinary shares no longer meet the minimum $1.00 bid price per share requirement. 

The announcement considered the previous 30 consecutive business days. Following Nasdaq’s listing rules, the company was provided 180 calendar days, or until September 5, to regain compliance.

January and February numbers showed a somewhat self-regulating tide, yet by February 23 they began to drop considerably, after which they would no longer recover. Current trading price as of Sept. 7 is around $0.15 -requiring an over 600% price jump in order to comply.

If at any time before next March 4 the closing bid price of the company’s ordinary shares is at least $1.00 per share for a minimum of 10 consecutive business days, SciSparc will regain compliance with this rule and the matter will be closed.

SciSparc’s Clinical Work And IP

With its focus set on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals, SciSparc is currently engaged in several drug development programs based on THC and/or non-psychoactive CBD. 

They include: SCI-110 for the treatment of Tourette, Alzheimer's and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of ASD and status epilepticus. Interestingly, partner company Clearmind Medicine CMND has also recently entered its first Nasdaq compliance period.

The company also owns a controlling interest in a company focused on the sale of hemp seeds oil-based products on Amazon AMZN.

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Photo: Benzinga edit with photo by Raimundo79 and Blue Planet Studio on Shutterstock.