Radiopharmaceutical developer Navidea Biopharmaceuticals said the New York Stock Exchange (NYSE) has accepted its plan to regain compliance with the stock exchange's listing requirements. Navidea now has until July 28, 2023, to regain compliance.
In January, the company was notified that it was not in compliance with the exchange's $6 million stockholders' equity requirement. But on April 8, Navidea received a letter from the NYSE American that its plan to regain compliance was accepted.
The standards require an issuer to have stockholders' equity of at least $2 million if it has reported losses from continuing operations and/or net losses in two out of its three most recent fiscal years and at least $4 million if it has reported losses from continuing operations in three out of its four most recent fiscal years.
As of December 31, 2021, the company had stockholders' equity of $624,743, and it has reported net losses from continuing operations in its five most recent fiscal years.
If the company does not comply with all continued listing standards of the NYSE American or make progress consistent with its plan by the date, the exchange will begin delisting procedures.
