Beyond Air receives 180-day extension from Nasdaq to regain compliance with minimum bid price requirement for its common stock.
Quiver AI Summary
Beyond Air, Inc. announced that it has received a 180-day extension from Nasdaq to comply with the minimum bid price rule, extending the deadline to August 4, 2025. The company's common stock will continue trading on the Nasdaq Capital Market under the symbol "XAIR." This notification follows a prior warning about non-compliance due to the stock price falling below $1.00 per share. Beyond Air is actively working to regain compliance, potentially through a reverse share split if necessary. The company specializes in medical devices and biopharmaceuticals utilizing nitric oxide for treating various respiratory and neurological conditions, with its LungFit® PH system already FDA approved for certain neonatal respiratory failures.
Potential Positives
- The company has been granted an additional 180-day compliance period by Nasdaq, allowing them more time to meet the minimum bid price requirement.
- Beyond Air continues to trade on the Nasdaq Capital Market under the symbol "XAIR," maintaining its listing and investor visibility.
- The press release highlights the FDA approval of the LungFit® PH system, demonstrating the company's capability to bring regulatory-approved products to market, which is crucial for its reputation and future growth.
- The ongoing clinical trials for additional LungFit systems, targeting severe respiratory infections and neurological disorders, signal potential future revenue streams and advancements in medical technology.
Potential Negatives
- The company has failed to regain compliance with the Nasdaq minimum bid price requirement during the initial 180-day compliance period, indicating ongoing financial challenges.
- The need for an additional compliance period suggests a potential decline in investor confidence and raises questions about the company’s market performance.
- The company's stock is at risk of delisting if it does not achieve a minimum bid price of $1.00 per share within the extended compliance period, which could negatively impact its visibility and operational capabilities.
FAQ
What is Beyond Air's recent Nasdaq compliance notification about?
Beyond Air received a 180-day compliance extension from Nasdaq to regain compliance with the minimum bid price rule, until August 4, 2025.
How will this compliance extension affect Beyond Air's stock listing?
The compliance notification has no immediate effect, and Beyond Air's common stock will continue to trade on Nasdaq under the symbol "XAIR."
What conditions must Beyond Air meet to regain compliance?
Beyond Air must achieve a bid price of at least $1.00 per share for a minimum of 10 consecutive business days to regain compliance.
What are the main products of Beyond Air?
Beyond Air focuses on nitric oxide therapies, including its FDA-approved LungFit® PH system for treating respiratory failure in neonates.
What is the significance of nitric oxide in Beyond Air's treatments?
Nitric oxide is used as a vasodilator to improve oxygenation in patients with respiratory illnesses and to target solid tumors in clinical trials.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$XAIR Insider Trading Activity
$XAIR insiders have traded $XAIR stock on the open market 6 times in the past 6 months. Of those trades, 6 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $XAIR stock by insiders over the last 6 months:
- STEVEN A. LISI (CEO and Chairman of the Board) has made 3 purchases buying 1,626,626 shares for an estimated $801,642 and 0 sales.
- ROBERT CAREY has made 2 purchases buying 1,576,626 shares for an estimated $784,342 and 0 sales.
- ERICK LUCERA purchased 39,266 shares for an estimated $15,565
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$XAIR Hedge Fund Activity
We have seen 12 institutional investors add shares of $XAIR stock to their portfolio, and 43 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- LASRY MARC added 4,946,697 shares (+inf%) to their portfolio in Q3 2024, for an estimated $1,919,318
- SOROS FUND MANAGEMENT LLC added 1,476,626 shares (+inf%) to their portfolio in Q3 2024, for an estimated $572,930
- ADAR1 CAPITAL MANAGEMENT, LLC removed 943,139 shares (-77.0%) from their portfolio in Q3 2024, for an estimated $365,937
- ROSALIND ADVISORS, INC. removed 903,614 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $350,602
- KINGDON CAPITAL MANAGEMENT, L.L.C. removed 790,638 shares (-58.2%) from their portfolio in Q3 2024, for an estimated $306,767
- BLEICHROEDER LP added 738,313 shares (+inf%) to their portfolio in Q3 2024, for an estimated $286,465
- DEUTSCHE BANK AG\ removed 403,252 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $156,461
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
GARDEN CITY, N.Y., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Beyond Air, Inc. (NASDAQ: XAIR) (“Beyond Air” or the “Company”), a commercial stage medical device and biopharmaceutical company focused on harnessing the power of nitric oxide (NO) to improve the lives of patients, today announced it received a notification from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company has been granted an additional 180-day compliance period, or until August 4, 2025 to regain compliance with Nasdaq’s minimum bid price rule (Rule 5550(a)(2)). The notification has no immediate effect on the listing of the Company’s common stock, and the common stock will continue to trade on the Nasdaq Capital Market under the symbol "XAIR."
Nasdaq’s determination is based on the Company meeting all other applicable requirements for listing on the Nasdaq Capital Market, with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period and, if necessary, by effecting a reverse share split.
In a notification letter dated August 8, 2024, Nasdaq had first informed the Company that, based on the previous 30 consecutive business days, the Company’s common stock no longer met the minimum $1.00 bid price per share requirement and in accordance with Nasdaq’s Listing Rules, the Company was provided 180 calendar days, or until February 4, 2025, to regain compliance. The Company did not regain compliance with the minimum $1.00 bid price per share requirement during the first 180 calendar day compliance period and submitted a written request to Nasdaq’s staff to afford the Company an additional 180-day compliance period to cure the deficiency, which the Company was granted in a notification letter dated February 5, 2025.
If at any time before August 4, 2025, the closing bid price of the Company’s security is at least $1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with this Nasdaq rule and this matter will be closed. However, Nasdaq may, in its discretion, require the Company to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance.
About Beyond Air
®
, Inc.
Beyond Air is a commercial stage medical device and biopharmaceutical company dedicated to harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders, and solid tumors. The Company has received FDA approval for its first system, LungFit® PH, for the treatment of term and near-term neonates with hypoxic respiratory failure. Beyond Air is currently advancing its other revolutionary LungFit systems in clinical trials for the treatment of severe lung infections such as viral community-acquired pneumonia (including COVID-19), and nontuberculous mycobacteria (NTM) among others. Also, the Company has also partnered with The Hebrew University of Jerusalem to advance a pre-clinical program dedicated to the treatment of autism spectrum disorder (ASD) and other neurological disorders. Additionally, Beyond Cancer, Ltd., an affiliate of Beyond Air, is investigating ultra-high concentrations of NO with a proprietary delivery system to target certain solid tumors in the pre-clinical setting. For more information, visit
www.beyondair.net
.
About LungFit
®
*
Beyond Air’s LungFit is a cylinder-free, phasic flow generator and delivery system and has been designated as a medical device by the U.S. Food and Drug Administration (FDA). The ventilator compatible version of the device can generate NO from ambient air on demand for delivery to the lungs at concentrations ranging from 1 ppm to 80 ppm. The LungFit system could potentially replace large, high-pressure NO cylinders providing significant advantages in the hospital setting, including greatly reducing inventory and storage requirements, improving overall safety with the elimination of NO2 purging steps, and other benefits. LungFit can also deliver NO at concentrations at or above 80 ppm for potentially treating severe acute lung infections in the hospital setting (
e.g.
COVID-19, bronchiolitis) and chronic, refractory lung infections in the home setting (
e.g.
NTM). With the elimination of cylinders, Beyond Air intends to offer NO treatment in the home setting.
*Beyond Air’s LungFit PH is approved for commercial use in the United States of America, European Union, Australia and New Zealand. Beyond Air’s other LungFit systems are not approved for commercial use and are for investigational use only. Beyond Air is not suggesting NO use over 80 ppm or use at home.
About PPHN
Persistent pulmonary hypertension of the newborn (PPHN) is a lethal condition and secondary to failure of normal circulatory transition at birth. It is a syndrome characterized by elevated pulmonary vascular resistance (PVR) that causes labile hypoxemia due to decreased pulmonary blood flow and right-to-left shunting of blood. Its incidence has been reported as 1.9 per 1000 live births (0.4–6.8/1000 live births) with mortality rate ranging between 4–33%. This syndrome complicates the course of about 10% of infants with respiratory failure and remains a source of considerable morbidity and mortality. NO gas is a vasodilator, is approved in dozens of countries to improve oxygenation and reduces the need for extracorporeal membrane oxygenation (ECMO) in term and near-term (>34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilator support and other appropriate agents.
About Beyond Cancer, Ltd.
Beyond Cancer, Ltd., an affiliate of Beyond Air, Inc., is a development-stage biopharmaceutical and medical device company utilizing (UNO via a proprietary delivery platform to treat primary tumors and prevent metastatic disease. Nitric oxide at ultra-high concentrations has been reported to show anticancer properties and to potentially serve as a chemosensitizer and radiotherapy enhancer. A first-in-human study is underway in patients with solid tumors. The Company is conducting preclinical studies of UNO in multiple solid tumor models to inform additional treatment protocols.
For more information, visit
www.beyondcancer.com
.
Forward Looking Statements
This press release contains “forward-looking statements” concerning the potential safety and efficacy of inhaled nitric oxide and the ultra-high concentration nitric oxide product candidate, as well as its therapeutic potential in a number of indications; and the potential impact on patients and anticipated benefits associated with inhaled nitric oxide and the ultra-high concentration nitric oxide product candidate. Forward-looking statements include statements about expectations, beliefs, or intentions regarding product offerings, business, results of operations, strategies or prospects. You can identify such forward-looking statements by the words “appears,” “expects,” “plans,” “anticipates,” “believes” “expects,” “intends,” “looks,” “projects,” “goal,” “assumes,” “targets” and similar expressions and/or the use of future tense or conditional constructions (such as “will,” “may,” “could,” “should” and the like) and by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from any future results expressed or implied by the forward-looking statements. These forward-looking statements are only predictions and reflect views as of the date they are made with respect to future events and financial performance. Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including risks related to the ability to raise additional capital; the timing and results of future pre-clinical studies and clinical trials; the potential that regulatory authorities, including the FDA and comparable non-U.S. regulatory authorities, may not grant or may delay approval for our product candidates; the approach to discover and develop novel drugs, which is unproven and may never lead to efficacious or marketable products; the ability to fund and the results of further pre-clinical studies and clinical trials of our product candidates; obtaining, maintaining and protecting intellectual property utilized by products; obtaining regulatory approval for products; competition from others using similar technology and others developing products for similar uses; dependence on collaborators; and other risks, which may, in part, be identified and described in the “Risk Factors” section of Beyond Air’s most recent Annual Report on Form 10-K and other of its filings with the Securities and Exchange Commission, all of which are available on Beyond Air’s website. Beyond Air and Beyond Cancer undertake no obligation to update, and have no policy of updating or revising, these forward-looking statements, except as required by applicable law.
CONTACTS:
Investor Relations contacts
Corey Davis, Ph.D.
LifeSci Advisors, LLC
Cdavis@lifesciadvisors.com
(212) 915-2577
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
