Akari Therapeutics gets Nasdaq minimum bid price deficiency notice, has until May 25, 2026

Akari Therapeutics, Plc (Nasdaq: AKTX) received a Nasdaq notice on November 24, 2025 saying its American Depositary Shares, or ADSs, no longer meet the minimum bid price for continued listing on The Nasdaq Capital Market. The company reported the notice in a Form 8-K filed November 26, 2025. The ADSs keep trading under the symbol "AKTX" while the company works through the process.

What Nasdaq found

The notice cites Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share. Under Listing Rule 5810(c)(3)(A), a deficiency exists when the bid price stays below that level for 30 consecutive business days. Nasdaq based its finding on the closing bid price of the ADSs over the 30 business days before the letter. Each ADS represents 2,000 ordinary shares of par value $0.0001.

The notice has no immediate effect on the listing or trading of the ADSs.

The deadline and the second period

To regain compliance, the ADSs must close at or above $1.00 for at least 10 consecutive business days by May 25, 2026. That is 180 calendar days from the notice.

If the company does not regain compliance by that date, it may get a second 180-day period. To qualify, it must meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except the bid price test. It must also give written notice of its intention to cure the deficiency during that second period.

If the company does not qualify, or does not cure in time, Nasdaq will issue a delisting determination. Akari could then appeal to a Hearings Panel.

The ratio change option

The company says it will monitor the closing bid price and may consider a ratio change of its ADSs to regain compliance. A ratio change alters how many ordinary shares each ADS represents. It does not change the number of shares the company has outstanding.

Akari has used this tool before. Its 10-K lists three changes. The ratio went from one ADS for two ordinary shares to one ADS for ten, effective January 3, 2014. It then went to one ADS for one hundred ordinary shares, effective September 17, 2015. The most recent change, effective August 17, 2023, moved it to one ADS for 2,000 ordinary shares. The notice of November 2025 came more than two years after that last change.

The going-concern warning

The 10-K for 2024, filed April 15, 2025, says the auditor's report includes a going-concern paragraph. The paragraph cites recurring losses from operations, defaults on debt obligations and a net capital deficiency. Management concluded there is substantial doubt about the company's ability to continue as a going concern within one year.

The 10-K cover reports that the aggregate market value of common equity held by non-affiliates was $14.0 million, measured at June 30, 2024. That is a June 2024 figure, not a current one.

Recent capital raises

The 10-K describes a private placement in November 2024 for aggregate gross proceeds of $3.2 million, with net proceeds of about $2.8 million after placement agent fees and other expenses. It also describes a March 2025 offering with net proceeds of about $3.3 million through the filing of the 10-K. The company expected to receive remaining proceeds of $3.0 million in April 2025. These are small sums against the losses the company reports.

What the notice leaves out

The 8-K does not give the closing prices that led to the notice, the company's current cash, or a plan for the second compliance period. It says only that the company intends to monitor the price and may consider a ratio change.

Who signed

Abizer Gaslightwala, President and Chief Executive Officer, signed the 8-K.

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