Amarin Receives Extension for Nasdaq Listing Compliance
Amarin (NASDAQ: AMRN) Corporation plc has recently received an extension from Nasdaq to meet the exchange’s minimum bid price requirement. This extension gives the company until May 19, 2025, to comply with Nasdaq’s bid price rule.
The Nasdaq Listing Qualifications Department granted this extension, allowing Amarin more time to increase its American Depositary Shares (ADS) closing bid price to at least $1.00 for a minimum of 10 consecutive business days. Non-compliance with the $1.00 minimum bid price rule had put the company at risk of delisting.
As part of its efforts to achieve compliance, Amarin’s ADS will be moved from the Nasdaq Global Market to the Nasdaq Capital Market starting Monday. The shares will still trade under the ticker symbol “AMRN.”
Amarin is actively monitoring its share price and exploring options to address the bid price deficiency, such as a potential reverse stock split. However, the company has emphasized that there are no guarantees of regaining compliance or avoiding delisting from Nasdaq.
These developments reflect Amarin’s ongoing commitment to maintaining its position on the stock exchange despite the challenges it faces in meeting Nasdaq’s stringent requirements. In other news, the company reported a decrease in third-quarter revenue for 2024 due to increased competition from generic drugs in the U.S. market. Despite this, Amarin maintains a strong market share in the IPE market and is focused on expanding access to its cardiovascular disease treatment in Europe.
Amarin reported a GAAP net loss attributed to declining U.S. product revenues, but the company’s financial position remains stable with $306 million in cash and investments. Additionally, Amarin is pursuing partnerships in Australia and China to drive international growth.
These recent developments underscore Amarin’s strategic efforts to navigate a competitive landscape while maintaining its market presence. The company has planned a virtual analyst and investor event for November 14th to discuss its growth strategies. Despite challenges, Amarin remains dedicated to addressing the global need for cardiovascular disease treatment.
