Sunshine Biopharma (NASDAQ: SBFM) stock soared over 86% on Tuesday amidst a lack of evident catalysts or company-specific news. However, this upward momentum stands in stark contrast to recent challenges faced by the company on the Nasdaq Exchange.
Last week, Sunshine Biopharma (SBFM) received a delisting notice from the Nasdaq Exchange. The notice pointed out that SBFM shares had been languishing below the minimum bid price of $1 for an extended period. The company was first notified of this issue in March 2023, prompting the management to seek extensions over the past year to regain compliance.
However, SBFM stock continued its downward trend, plummeting to less than 10 cents per share for a consecutive 10-day period, triggering another delisting notice. In response, the company has initiated an appeal process, with a meeting scheduled before the Nasdaq Hearings Panel on April 25, 2024.
Sunshine Biopharma has announced plans to execute a 1-for-40 reverse stock split to boost the value of its shares and regain compliance with the Nasdaq’s minimum listing requirement. The company has already secured approval from its shareholders for this strategic move.
Sunshine Biopharma (NASDAQ: SBFM) Stock Movement
SBFM stock soared 86.19% to close at $0.08 on Tuesday. The traders had exchanged hands with 659,726,079 (659.72 million) shares compared to the average daily trading volume of 2.74 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
