XORTX Completes 1-for-5 Reverse Split to Regain Nasdaq Compliance
XORTX implemented a 1-for-5 reverse share split on April 6 to meet Nasdaq’s $1 minimum bid rule, achieving the required $1.00 closing price for 10 consecutive trading days through April 17. Nasdaq’s Listing Qualifications Department issued a compliance letter on April 20, curing the deficiency.
1. Reverse Split and Price Recovery
XORTX executed a 1-for-5 reverse share split on April 6, reducing total outstanding shares and boosting its per-share price. The stock maintained at least $1.00 for 10 consecutive trading days ending April 17, satisfying the minimum bid requirement.
2. Nasdaq Compliance Letter
On April 20, Nasdaq’s Listing Qualifications Department issued a letter confirming that XORTX had regained compliance with Rule 5550(a)(2). This action cures the prior deficiency that threatened the company’s continued Nasdaq listing.
3. Impact on Shareholders and Next Steps
Regaining compliance preserves XORTX’s Nasdaq listing and averts potential delisting risks, supporting market liquidity. Investors can now shift focus to upcoming clinical milestones for the XRx-026 gout treatment and other kidney-disease programs.