Ovid Therapeutics Inc. Receives Notice of Delisting Warning from Nasdaq – What Investors Need to Know

Ovid Therapeutics Inc. (NASDAQ: OVID) recently disclosed receiving a notification letter from Nasdaq, warning the company that the average closing bid price of its common stock had fallen below the minimum requirement of $1.00 per share for 31 consecutive trading days as per Nasdaq’s Listing Rules. This notice, though, doesn’t immediately impact the company’s stock listing, as it will remain listed and traded on Nasdaq provided it meets other listing requirements.

According to Nasdaq Listing Rule 5810(c)(3)(A), Ovid Therapeutics has until August 11, 2025, termed the “Compliance Date”, to rectify the deficiency in its stock price. The company must ensure that the closing bid price for its common stock reaches or exceeds $1.00 per share for a minimum of 10 consecutive business days before the Compliance Date. Ovid Therapeutics is actively monitoring its stock price and exploring solutions to regain compliance within the specified period.

Should the company fail to meet the minimum bid price requirement by the Compliance Date, there is an option for an additional 180-day period to seek compliance by transferring the listing to the Nasdaq Capital Market. However, failing to regain compliance even after this extension could lead to a notification of delisting. In such a scenario, Ovid Therapeutics can appeal Nasdaq’s decision to a Nasdaq Hearings Panel, though the outcome remains uncertain.

This Form 8-K filing aims to fulfil Ovid Therapeutics’ obligation to make a public announcement about the deficiency within four business days from the Notice date. The company’s Chief Business and Financial Officer, Jeffrey Rona, signed off on the report on February 13, 2025, underscoring the company’s commitment to addressing and resolving the Nasdaq compliance issue.

Investors and stakeholders are advised to closely monitor Ovid Therapeutics’ stock performance and any updates regarding its compliance efforts as the situation unfolds.

Please note that all financial details mentioned earlier are directly sourced from Ovid Therapeutics Inc.’s 8-K filing and are presented accurately without any embellishment or modification.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ovid Therapeutics’s 8K filing here.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.