QUOTE..."On May 24, 2024, Amarin Corporation plc (the “Company”) received a deficiency letter from the Nasdaq Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s American Depositary Shares (“ADSs”), each representing one ordinary share of the Company, has been below the minimum $1.00 per share required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Requirement”). The Nasdaq deficiency letter has no immediate effect on the listing of the Company’s ADSs, and its ADSs will continue to trade on The Nasdaq Global Market under the symbol “AMRN” at this time....i.e. a rise in the price of AMRN shares of at least 15% over where they are now by sometime in 2024
Nothing in the stock market is guaranteed but this seems like a pretty good bet.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given 180 calendar days, or until November 20, 2024, to regain compliance with the Bid Price Requirement. If at any time before November 20, 2024, the bid price of the Company’s ADSs closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Staff will provide written confirmation that the Company has achieved compliance with the Bid Price Requirement.
If the Company does not regain compliance with the Bid Price Requirement by November 20, 2024, the Company may be afforded a SECOND 180 calendar day period to regain compliance or be subject to delisting. To qualify for an additional compliance period, the Company would need to transfer the listing of the ADSs to the Nasdaq Capital Market and meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period.
The Company intends to actively monitor the closing bid price for its ADSs and may, if appropriate, consider available options to resolve the deficiency and regain compliance with the Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Requirement."
I assume that this means that Amarin plans to execute a buy back of 50 million of its shares within the next 6 months.
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