Tenaya Therapeutics gets Nasdaq notice for trading below $1.00

Tenaya Therapeutics, Inc. said it received a letter on April 15, 2025 from the Listing Qualifications Staff of The Nasdaq Stock Market LLC. The letter said the company did not meet the minimum bid price of $1.00 per share required for continued listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1).

This is a bid price deficiency. Nasdaq based it on the closing bid price of Tenaya's common stock for the 30 consecutive business day period between March 3, 2025, through April 12, 2025.

Tenaya has a compliance period of 180 calendar days, or until October 13, 2025, under Nasdaq Listing Rule 5810(c)(3)(A). To regain compliance, the stock must close at or above $1.00 for at least ten consecutive business days in that period. The letter has no immediate impact on the listing.

If Tenaya misses the deadline, it may be eligible for an additional 180 calendar days by transferring to the Nasdaq Capital Market. It would need to submit a transfer application, pay a fee and meet the other listing standards except the bid price rule. It would also need to give written notice that it intends to cure the deficiency, by a reverse stock split if necessary.

The company said it intends to monitor its closing bid price and "may, if appropriate, evaluate available options to resolve the deficiency." It said there can be no assurance it will regain compliance. The notice is in the company's 8-K filing.

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