Aptorum Group regains compliance with Nasdaq minimum bid price rule

Aptorum Group (APM) received formal written notification from The Nasdaq Stock Market confirming that the company has regained compliance with Nasdaq’s minimum bid price requirement. The regaining of compliance is a result of the closing bid price of the company’s Class A ordinary shares being at least $1.00 for a minimum of 10 consecutive business days prior to the October 14 deadline, as described in the initial notice from Nasdaq to the company dated April 15. The closing bid price has been $1.00 per share or greater for the 10 consecutive business days from July 16 to July 30. Accordingly, the Nasdaq Listing Qualification Staff has notified the company that it has determined that the company has regained compliance with Nasdaq Listing Rule 5550(a)(2), and the matter is now closed. On July 14, Aptorum announced that it entered into a definitive agreement for an all-stock merger transaction with DiamiR Biosciences, a developer of proprietary innovative blood-based tests for brain health and other diseases with a CLIA-licensed, CAP-accredited clinical laboratory in New Haven, CT. As a result of this transaction and subject to the customary closing conditions, DiamiR Biosciences will become a wholly-owned subsidiary of Aptorum Group upon consummation of the merger.