Dara Biosciences regains Nasdaq price compliance
RALEIGH, N.C. (AP) — Dara Biosciences Inc. said Tuesday it has regained compliance with Nasdaq share price rules.
The company's shares fell under $1 in April, and they did not close above that price again until mid-September. The Nasdaq requires that companies maintain an average closing price of at least $1, and stocks that consistently fall below that price are subject to delisting.
Because Dara is now in compliance with the rule, it canceled a special shareholder meeting that was to take place on Nov. 8.
The stock returned to closing above $1 on Sept. 14, and has maintained that level for 13 straight sessions.
Shares of Dara Biosciences rose 4 cents to end at $1.04 on Tuesday.