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BioAtla, Inc. (NASDAQ:BCAB) announced Friday that it received a notice from The Nasdaq Stock Market stating the company’s securities will be suspended from trading on the Nasdaq Capital Market at the open of business on Monday. The suspension follows a decision by the Nasdaq Hearings Panel, which cited BioAtla’s non-compliance with the $1.00 minimum bid price requirement and failure to meet the $2.5 million stockholders’ equity threshold, as outlined in Nasdaq Listing Rules.
According to the company’s statement, BioAtla had previously met an alternative listing standard based on market value of listed securities for 69 consecutive trading days, but this was not sufficient to maintain its listing. BioAtla has requested an immediate review of the delisting determination by the Nasdaq Listing and Hearing Review Council and sought a stay of the suspension, but the company reported that Nasdaq counsel did not permit the request for review. BioAtla cited past examples where other companies were granted such reviews and stays.
The company stated its intention to appeal the delisting determination in accordance with Nasdaq rules. However, such an appeal would not stay the suspension of trading. If the suspension proceeds, BioAtla expects its common stock to be eligible for quotation on the OTCID market under the same trading symbol, BCAB. The company noted there is no assurance that a market for its shares will develop or be maintained on the OTCID market. Despite these challenges, InvestingPro data shows that analysts anticipate sales growth for BioAtla in the current year, with two analysts having revised their earnings estimates upward for the upcoming period. Investors seeking deeper insights into companies facing similar situations can access comprehensive Pro Research Reports covering 1,400+ US equities.
As of Friday, BioAtla had $1.25 million in principal outstanding under previously disclosed pre-paid advance agreements. The company also disclosed it would be precluded from selling additional shares under a standby equity purchase agreement during any period in which its common stock is suspended from Nasdaq.
This announcement is based on a press release statement included in a Form 8-K filing with the Securities and Exchange Commission.
In other recent news, BioAtla, Inc. announced a merger with a wholly owned subsidiary to implement a 1-for-50 reverse stock split due to changes in Nasdaq’s voting rights rules. This merger agreement will convert every 50 shares of common stock into one share of the surviving corporation, with the record date for shareholder voting set for February 2. Additionally, BioAtla secured a $40 million special purpose vehicle transaction with GATC Health Corp. and Inversagen AI, LLC to advance its cancer drug, ozuriftamab vedotin (Oz-V), into Phase 3 clinical trials. The company will receive an initial $5 million for operating and clinical trial expenses, with the remaining $35 million expected to close in the first quarter of 2026. At a recent special meeting, BioAtla stockholders approved the issuance of 20% or more of the company’s common stock under certain agreements, although a proposal for a reverse stock split was postponed. Furthermore, Rodman & Renshaw initiated coverage of BioAtla with a Buy rating, citing the transformative potential of its Conditionally Active Biologic platform. These developments reflect BioAtla’s strategic efforts to advance its clinical assets and secure necessary funding.
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