Milestone Pharmaceuticals Inc. filed a Form 8-K on October 28, 2026, disclosing that it received a Nasdaq listing deficiency notice on October 23, 2026, citing a failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days.

Key Highlights

  • Deficiency notice received: Milestone Pharmaceuticals received a letter from Nasdaq's Listing Qualifications Department on October 23, 2026, stating its common shares were not in compliance with Nasdaq Listing Rule 5450(a)(1).
  • Cause of non-compliance: According to the filing, the company's minimum bid price was less than $1.00 per share for the previous 30 consecutive business days.
  • Compliance deadline: The company has 180 calendar days, or until April 21, 2027, to regain compliance under Nasdaq Listing Rule 5810(c)(3)(A).
  • Compliance threshold: To regain compliance, the company's common shares must close at $1.00 per share or more for a minimum of 10 consecutive business days during the compliance period.
  • Transfer option: If compliance is not regained, the company may be eligible to transfer to the Nasdaq Capital Market by submitting a Transfer Application and a $5,000 application fee, subject to meeting applicable listing standards.
  • Reverse stock split considered: The filing states the company "will consider available options to resolve the deficiencies," including "effecting a reverse stock split."
  • No immediate listing impact: The filing states "the notice has no present impact on the listing of the Company's securities on the Nasdaq Global Select Market."

Milestone Pharmaceuticals Discloses Nasdaq Minimum Bid Price Non-Compliance

Milestone Pharmaceuticals Inc. (NASDAQ:MIST), incorporated in Québec and headquartered in Montréal, reported in its October 28, 2026 Form 8-K that it received a deficiency letter from Nasdaq on October 23, 2026. The letter notified the company that its common shares were not in compliance with Nasdaq Listing Rule 5450(a)(1), which governs continued listing on the Nasdaq Global Select Market and requires a minimum bid price of at least $1.00 per share. According to the filing, the company's shares had traded below that threshold for 30 consecutive business days prior to the notice.

Under Nasdaq Listing Rule 5810(c)(3)(A), the company has a 180-day compliance period ending April 21, 2027. The filing states that compliance can be restored if the bid price closes at $1.00 or more for at least 10 consecutive business days within that window. If the company fails to meet this standard before the deadline, it disclosed that it may seek an additional compliance period by applying to transfer to the Nasdaq Capital Market, which would require a $5,000 application fee and satisfaction of all initial listing standards for that market except the minimum bid price requirement.

The company also disclosed that, as part of any transfer application, it would need to provide written notice to Nasdaq of its intention to cure the deficiency, including "effecting a reverse stock split, if necessary." The filing notes that Nasdaq staff will evaluate whether they believe the company can cure the deficiency, and if staff concludes it cannot, or if the company does not submit a Transfer Application, "Nasdaq will provide notice that the Company's common shares will be subject to delisting." The company stated it "intends to actively monitor its minimum bid price" and will consider available options. The filing includes the cautionary statement that "there can be no assurance that the Company will be successful in maintaining the listing of its common shares."

What Was Disclosed

Milestone Pharmaceuticals disclosed receipt of a Nasdaq non-compliance notice related to its minimum bid price falling below $1.00 per share for 30 consecutive business days. The company has until April 21, 2027, to regain compliance and outlined potential remedies, including a possible Nasdaq Capital Market transfer or reverse stock split.