Avalo Therapeutics Inc AVTX shares are gaining Wednesday morning on heavy volume, with a session volume of 183.69 million shares traded as compared to the trailing 100-day volume of 10.65 million shares, as per data from Benzinga Pro.
In an SEC filing, the company is said to have received notice from Nasdaq, which determined as of Sept. 11, 2023, the company’s securities had a closing bid price of $0.10 or less for 10 consecutive trading days, triggering the application of the Listing Rule.
The department will issue a delisting determination. As a result, it will be determined if the company’s securities on Nasdaq will be delisted. Avalo Therapeutics can request an appeal and has until Sept. 19, 2023, to do so.
On Tuesday, Avalo Therapeutics agreed to sell its rights, title and interest in assets relating to AVTX-801 (D-galactose), AVTX-802 (D-mannose), and AVTX-803 (L-fucose) to AUG Therapeutics Inc.
AUG will pay $150,000 upfront for each compound and make a contingent milestone payment of $15 million (for a potential aggregate of $45 million) if the first FDA approval is for an indication other than a Rare Pediatric Disease, or up to 20% of certain payments, if any, granted to AUG Therapeutics upon any sale of any priority review voucher granted to AUG by the FDA.
Price Action: AVTX shares are up 66.56% at $0.21 on the last check Wednesday.
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