FORT COLLINS — Statera Biopharma (Nasdaq: STAB) will have a hearing Oct. 6 before the Nasdaq Hearings Panel to determine whether the company’s stock will continue to be listed on the exchange.
Statera is facing delisting from the Nasdaq because it is in violation of the bid price rule — its common stock has traded below $1 per share for more than 30 consecutive days. At the hearing, Statera will present the panel with a plan to regain compliance with the bid price rule. If the panel does not accept that plan, Statera will be delisted.
Statera has had a rough 2022: Multiple board members resigned, the company was dropped by its accounting firm, it faced delisting from the Nasdaq for violating the bid price rule, $4.8 million in cash was foreclosed by a creditor who is not party to this petition, and it was forced to sell its production rights for several drugs.
And this month, numerous creditors filed a petition to force Statera into bankruptcy as they seek to recover nearly $8 million.