Rani Therapeutics gets Nasdaq notice over $1.00 minimum bid price

The notice

Rani Therapeutics Holdings, Inc. received a letter from Nasdaq on June 20, 2025. The company disclosed it in an 8-K dated June 20 and filed on June 26, 2025. The letter says that, based on the closing bid price over the prior 30 consecutive business days, the Class A common stock no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Global Market. Nasdaq Listing Rule 5450(a)(1) requires a minimum bid price of $1.00 per share.

Under Listing Rule 5810(c)(3)(A), Rani has 180 days, ending on December 17, 2025, to fix the shortfall. To do so it must achieve and maintain a bid price of at least $1.00 for a minimum of 10 consecutive business days. The notice gives no closing bid figure for any day, so the size of the gap to $1.00 is not disclosed.

If Rani misses that date, it may qualify for a second 180 calendar day period by moving to The Nasdaq Capital Market. To qualify it would need to meet the market value of publicly held shares requirement and other initial listing standards, except the bid price rule. It would also have to give written notice that it intends to cure the deficiency, by a reverse stock split if necessary. Failing compliance, the stock would be subject to delisting.

The company says it intends to monitor the closing bid price and consider its available options.

The company behind the listing

Rani describes itself as a clinical stage biotherapeutics company focused on delivering biologics and drugs orally, as an alternative to injections. Its platform is the RaniPill capsule. The RaniPill GO is designed to deliver up to a 3 mg dose in microtablet form, and the RaniPill HC is a high-capacity version intended for liquid payloads of up to 200 microliters. The company says it intends to start clinical testing of the RaniPill HC in mid-2025.

Rani's clinical record is limited to Phase 1 studies in healthy volunteers. It completed RT-101, an octreotide product, in 2019, RT-102, a parathyroid hormone product, in 2022, and RT-111, an ustekinumab biosimilar supplied by Celltrion, in February 2024. The company says each study met its endpoints and reports high bioavailability for the delivered drug. The annual report says the parathyroid study showed more than 300% greater bioavailability than a subcutaneous injection of teriparatide. Those are company claims from early Phase 1 studies, and they measure how much drug gets into the bloodstream, not whether a patient gets better.

As of December 31, 2024, the company had given the RaniPill capsule 233 times to 146 human subjects in clinical trials. The annual report gives no efficacy data for any product candidate.

The main partnership is a June 2024 collaboration with ProGen Co., Ltd. The companies plan to develop RT-114, which combines ProGen's GLP-1/GLP-2 dual agonist PG-102 with the RaniPill HC, for weight management. Development costs and operating profits and losses are shared equally. Rani leads development through Phase 1.

Financing

In October 2024 Rani sold 3,000,000 Class A shares and pre-funded warrants for 333,333 shares to an institutional investor, with Series C common warrants for 3,333,333 shares. The annual report says the net proceeds totaled $9.4 million after placement agent fees and offering expenses. The 8-K gives no cash balance or net loss, so the notice cannot be set against the company's cash.

What comes next

The next date is December 17, 2025, the end of the first 180-day period. Between now and then, the filing names a transfer to The Nasdaq Capital Market for a further 180 days, and it says a reverse split may be needed to cure the deficiency. The company has not said which route it will take.

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