Lunai Bioworks stock jumps after Nasdaq bid-price compliance filing
Lunai Bioworks Inc. shares surged in early U.S. trading on Wednesday after a company filing showed Nasdaq had confirmed the biotechnology firm was back in compliance with the exchange’s $1 minimum bid-price rule, a key threshold for keeping a listing on the market. The stock was quoted at $4.65, with reported volume of 13.48 million shares, compared with average volume of 1.98 million. The move matters because Lunai had been fighting to stay on Nasdaq. The minimum bid price is the exchange rule that generally requires listed shares to trade at or above $1; falling below it can lead to delisting, which often hurts liquidity and access to investors. Nasdaq told the company on June 11 that it had regained compliance, according to the Form 8-K signed by Chief Executive David Weinstein and filed June 16.