In Pre-Market trading, Novan, Inc. (NOVN)stock surged almost 40 percent, despite there being no reports or press releases from the pharmaceutical company. Whether it is exciting or alarming? Its not very straight forward.
It was reported on November 3, 2020, The Nasdaq Stock Exchange LLC’s Listing Credentials Department accepted the Company’s offer to move its listing from the Nasdaq World Market to The Nasdaq Capital Market. It is anticipated that the move will take place at the start of trade on Thursday, November 5, 2020.
The acceptance was based in part, on the Business fulfilling the relevant market valuation criteria for the continued listing of publicly owned securities and all other applicable initial listing requirements on the Nasdaq Stock Market, the Company’s written notice of its intention to address the minimum bid price shortfall by effecting, where possible, a reverse split of shares, its commitment to the terms and conditions.