Onconetix, Inc. Secures Continued Nasdaq Listing Approval
Onconetix, Inc. Secures Continued Nasdaq Listing Approval
CINCINNATI, Ohio — Onconetix, Inc. (Nasdaq: ONCO) proudly announces a positive decision from the Nasdaq Hearings Panel. This comes following their request for continued listing on The Nasdaq Stock Market, showcasing the company's compliance with critical Nasdaq listing rules.
Recent Developments and Compliance
On June 11, the Hearings Panel granted Onconetix’s request for ongoing listing while establishing a timeline for compliance with Nasdaq Listing Rules. The company is required to demonstrate adherence to the Periodic Filing Listing Rule and the Bid Price Listing Rule.
After a Nasdaq hearing held earlier in May, Onconetix successfully filed their Form 10-Q for the first quarter, achieving compliance swiftly. In a notable move, they executed a one-for-eighty-five reverse stock split of their common stock, marking a strategic shift in their stock structure to meet Nasdaq’s requirements.
The Importance of Fundraising for Continued Operations
Maintaining a listing on Nasdaq is crucial for Onconetix, as it provides increased visibility and potential access to financial resources. As they move forward, the company aims to raise necessary capital to fund their innovative projects and operations focused on men’s health and oncology, thereby ensuring that their groundbreaking work continues.
About Onconetix
Onconetix operates at the cutting edge of biotechnology, committed to researching and developing novel healthcare solutions. One of their flagship products is Proclarix, an in vitro diagnostic test for prostate cancer, which has garnered approval for sale in the European Union under regulatory standards.
The Road Ahead for Onconetix
Looking forward, Onconetix is working diligently to meet compliance deadlines. With significant strides made in regulatory filings and capital raising, the company is positioning itself for future growth and stability in a competitive market.
As they prepare to demonstrate compliance with the Bid Price Listing Rule, Onconetix’s management is optimistic about the company’s future and committed to delivering innovative solutions that can significantly impact men's health.
Company Contact Information
For further inquiries, Onconetix can be reached at:
Onconetix, Inc.
201 E. Fifth Street, Suite 1900
Cincinnati, OH 45202
Phone: (513) 620-4101
Frequently Asked Questions
1. What did the Nasdaq Hearings Panel decide for Onconetix?
The Nasdaq Hearings Panel approved Onconetix's request for continued listing with compliance requirements regarding specific Nasdaq rules.
2. What is Proclarix?
Proclarix is an in vitro diagnostic test developed by Onconetix for prostate cancer, approved for sale in the European Union.
3. How does the reverse stock split affect shareholders?
The 1-for-85 reverse stock split consolidates shares, which can help boost the stock price and meet Nasdaq's minimum bid price requirements.
4. Why is maintaining a Nasdaq listing important for Onconetix?
A Nasdaq listing enhances visibility and access to funding, which is vital for the growth of Onconetix's innovative health solutions.
5. How can investors get in touch with Onconetix?
Investors can contact Onconetix Investor Relations via email at investors@onconetix.com.
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