Why CNS Pharmaceuticals (CNSP) Stock Is Up 86%

CNS Pharmaceuticals Inc CNSP shares are trading higher by 86% to 29 cents Wednesday morning. The company received a notice from Nasdaq on September 12, stating that its stock had failed to meet the minimum bid price of $1.00 per share for 30 consecutive business days, which is required for continued listing on the Nasdaq Capital Market.

Typically, companies have 180 days to regain compliance. However, CNS is ineligible for this extension due to previous reverse stock splits totaling a 250-to-1 ratio over the past two years.

As a result, the company has requested a hearing, scheduled for November 5, which temporarily delays any delisting actions.

Per a Wednesday SEC filing, CNS Pharmaceuticals says there’s no guarantee of an additional extension being granted.

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According to data from Benzinga Pro, CNSP has a 52-week high of $137.50 and a 52-week low of $0.09.