Jaguar Health (NASDAQ: JAGX) stock soared 50% on Friday without any company-specific news for the session.
Jaguar Health (JAGX) disclosed last Friday its latest developments regarding its status as a listed company on the Nasdaq Stock Market. The company has requested a hearing to challenge a potential delisting of its securities from Nasdaq, and this hearing has been scheduled.
Despite the looming threat of delisting, Jaguar’s common stock will remain available for trading on the Nasdaq under the ticker symbol ‘JAGX’ while the appeal process unfolds.
The journey towards this point began on May 10, 2023, when Jaguar received notification from Nasdaq’s Listing Qualifications Staff. The communication highlighted that the company’s common stock failed to meet the minimum bid price requirement of $1.00 over the preceding 30 business days. Nasdaq gave Jaguar until May 6, 2024, to rectify this and align with its listing standards.
However, on February 15, 2024, Jaguar encountered another setback as Nasdaq informed the company that its stock had closed at $0.10 or less for 10 consecutive trading days. This triggered Nasdaq’s “Low Priced Stocks Rule,” prompting Nasdaq to notify Jaguar of its intention to delist its securities by February 26, 2024, unless an appeal was requested.
It’s important to note that there’s no guarantee that Jaguar will secure an extension period to regain compliance, leaving the outcome of the appeal process uncertain and the future of Jaguar’s listing on Nasdaq hanging in the balance.
Jaguar Health (NASDAQ: JAGX) Stock Performance
JAGX stock surged 50% to close at $0.09 on Friday. The traders had exchanged hands with 292,851,101 (292.85 million) shares compared to the average daily trading volume of 13.57 million.
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