CytoSorbents Shares Rose 34% on Oct. 16 Ahead of Nasdaq Deadline

CytoSorbents shares jumped 34.31% on Oct. 16, but the close remained below the post-split Sept. 8 level as the company works to satisfy a separate Nasdaq market-value requirement.

The shares finished regular trading at $4.11, up $1.05 from the previous session’s $3.06 close. They traded between $3.01 and $4.60 during the session.

The Oct. 16 close was below the $6.85 split-adjusted close on Sept. 8, when CytoSorbents carried out a 1-for-20 reverse stock split. The comparison uses split-adjusted prices.

CytoSorbents regained compliance with Nasdaq’s $1 minimum bid-price rule on Sept. 22. That requirement is separate from a minimum market-value test: The market value of the company’s listed securities must reach at least $35 million for 10 consecutive business days within a compliance period ending Dec. 28.

The company had about $4.4 million in unrestricted cash and cash equivalents as of June 30. It faced substantial doubt about its ability to continue as a going concern for the 12 months after its financial statements were issued Aug. 6. That assessment period is measured from the statements’ issuance, not from the June 30 cash balance date.