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December 13, 2024

Westport-based Portage Biotech faces delisting from Nasdaq

Contributed The leadership team from Portage Biotech rings the bell at The Nasdaq Stock Exchange in October 2021. From left are Steve Innaimo, vice president of clinical operations, Dr. Steve Walters, CEO and chairman, and Allan Shaw, CFO.
By David Krechevsky

Portage Biotech Inc., a Westport-based bio-pharmaceutical company, said Thursday its stock is in danger of being delisted from The Nasdaq Stock Market.

According to a news release, the company received written notice from Nasdaq on Dec. 10 stating that its stock was not in compliance with the minimum shareholders’ equity requirement for continued listing. The notice stated that Portage’s shareholders’ equity was $695,000 as of Sept. 30, which the company reported to the U.S. Securities and Exchange Commission in a filing on Nov. 26. 

That equity amount was below the required minimum of $2.5 million. 

Nasdaq noted that Portage also did not meet either of the alternative standards for continued listing on the Capital Market, which require a market value of listed securities of at least $35 million or net income from continuing operations of at least $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.

Portage reported a net loss of approximately $1.4 million during the three months ended Sept. 30, compared to a net loss of approximately $5.2 million during the same three months last year.

Portage Biotech’s stock, which trades under the symbol PRTG, was trading at $3.55 per share Friday morning, down 7% but above its 52-week low of $2.10.

Nasdaq told Portage that it has 45 calendar days from the date of the notice, or until Jan. 24, to submit a plan to regain compliance with the shareholders’ equity requirement or achieve compliance with an alternative continued listing standard for the Capital Market. 

If Nasdaq accepts the compliance plan, it may grant Portage an extension of up to 180 calendar days from the date of the notice, or until June 8, to demonstrate compliance. If it does not accept the plan, then Nasdaq will provide written notice to the company that its stock will be subject to delisting.

At that time, Portage can appeal the delisting determination to a Nasdaq hearing’s  panel.

Portage said it intends to submit a compliance plan by the Jan. 24 deadline.

Portage Biotech is a clinical-stage immuno-oncology company with a portfolio of therapies to extend the survival and significantly improve the lives of patients with cancer.

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