Reunion Neuroscience Inc. (NASDAQ: REUN) (TSX: REUN), formerly known as Field Trip Health, has been struggling to maintain the US$1.00 minimum share price requirement on the Nasdaq Stock Exchange.
Last Wednesday, the biotechnology company received a letter from the Listing Qualifications Department of the exchange explaining that it had failed to hold the minimum share price for 30 consecutive business days.
Reunion now has until October 16 to fulfill the requirements, which entails holding the minimum share price for 10 consecutive business days between now and that date. If the company fails to do so, it may be granted an additional 180 days to fulfill the requirements before potentially being delisted from the exchange.
Read more: Reunion Neuroscience files lawsuit against Mindset Pharma for copying drug compound
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Last month, Reunion filed a lawsuit alleging that the psychedelic drug developer Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) knowingly copied the company’s psychedelic compound RE-104 and presented it to the Patent Cooperation Treaty as its own. Mindset has denied the allegations and plans to defend itself in court.
Reunion began trading on the Toronto Stock Exchange under the ticker symbol REUN last August. Its share price on the TSX has steadily declined over the past year where they are now only worth $0.97. On April 26 2022, those shares were worth $7.35.
The company’s shares have also dropped by 87 per cent over the past year on the Nasdaq Exchange and are currently worth US$0.75.
Reunion’s wholly-owned subsidiary, Field Trip Health & Wellness Ltd. (TSX-V: FTHW), closed five psychedelic wellness clinics throughout Canada and the United States last month as part of an effort to reduce its expenditures.
Field Trip shares stayed flat at $0.05 on the TSX Venture Exchange Wednesday.