NEW YORK – Aspira Women's Health reported this week that it received written notice from the Nasdaq that the company had failed to regain compliance with the exchange's requirement to maintain a minimum $35 million market value of listed securities. As a result, Aspira's stock could be delisted from the exchanged later this month.
The Austin, Texas-based firm said in a filing with the US Securities and Exchange Commission that it plans to appeal the delisting determination from the Nasdaq. The firm said that it has until Jan. 7 to request an appeal and pay a hearing fee of $20,000. Otherwise the firm's stock will be delisted on Jan. 10.
Aspira received written notice on July 1 that its market value of listed securities had been below the minimum $35 million threshold for 30 consecutive business days. The exchange gave the firm 180 calendar days, ending Dec. 30, 2024, to regain compliance.
Aspira reported in early July that it expected to raise about $1.9 million through a securities purchase agreement with existing shareholders and that money would be used to support commercial activities as well as general corporate purposes and working capital.
In October, the company secured New York state approval for its blood-based OvaWatch test that is used for the assessment of ovarian cancer risk in women with an adnexal mass that has been evaluated as indeterminate or benign. The firm also said in November that it had expanded a comarketing and distribution agreement with BioReference to include OvaWatch.
Meanwhile, the firm also received $10 million this fall from the Advanced Research Projects Agency for Health to support the development of a multi-marker blood test to aid the detection of endometriosis.