8 Penny Stocks Get Delisting Warning
Nile Therapeutics (NLTX)
Closing Price: 32.7 cents (June 29)
Six-Month Stock Performance: -74.9%Received Nasdaq Notice: June 1 Management's Expected Action: The biopharmaceutical company has until Nov. 29 to regain compliance with the minimum bid price requirement. Nile Therapeutics said it "intends to actively monitor the bid price" but "has not yet determined to take any other action in response to the notice." The stock had traded above $1 until late April, when Nile Therapeutics priced a public offering of 6.5 million units at 70 cents per unit. Each unit consisted of one share of Nile common stock and 0.30 warrant to purchase common stock. Proceeds from the offering will be used to fund the expansion of its ongoing Phase II clinical trial of CD-NP in acute heart failure patients, the company said. The stock slumped after the offering announcement and has yet to recover.
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