Ovid Therapeutics faces Nasdaq delisting over share price

Ovid Therapeutics Inc. (NASDAQ: OVID) has received a warning from the Nasdaq Stock Market LLC regarding its non-compliance with the minimum bid price requirement. On Monday, the company was notified that its common stock's average closing bid price had been below the required $1.00 per share for the past 31 consecutive trading days.

Despite the notice, Ovid's stock will continue to trade on the Nasdaq, provided it adheres to other listing standards. The company has until August 11, 2025, to address the bid price deficiency. To regain compliance, Ovid's stock must maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days before the deadline.

Ovid is considering options to resolve the issue within the given timeframe. The company maintains a strong liquidity position with a current ratio of 5.66 and holds more cash than debt on its balance sheet. If the company fails to meet the requirement by the compliance date, it may be eligible for an additional 180-day period if it transfers its listing to the Nasdaq Capital Market, subject to meeting certain conditions and possibly executing a reverse stock split.

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