iTonic Holdings Ltd (NASDAQ:ITOC) shares surged 66.42% to $0.50 in after-hours trading on Thursday after the company disclosed that Nasdaq had granted an additional 180-calendar-day extension to comply with its minimum bid price requirement.
According to Benzinga Pro data, ITOC closed the regular session at $0.30, down 1.64%.
Delisting Clock Still Ticking
Nasdaq notified ITOC on Tuesday that it approved the extension following the expiration of the initial 180-day compliance period on April 20. The new deadline is Oct. 19. Under Nasdaq Listing Rule 5550(a)(2), if the company fails to regain compliance, Nasdaq will issue a formal delisting notice. iTonic has stated that in that situation, it may appeal before a Nasdaq Hearings Panel.
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