ADAMIS Pharmaceuticals Corporation (NASDAQ:ADMP) is up 8% in a month. Recently the company received a notice from The Nasdaq Stock Market LLC’s Listing Qualification Department regarding its failure to file its Quarterly Reports on Form 10-Q for the quarter ending June 30, 2021, as well as for the quarter ended March 31, 2021.
As a result of the failure, the company is not compliant with listing Marketplace Rule 5250(c)(1). The company had previously issued a plan to regain compliance regarding the previous NASDAQ notice about Form 10-Q for the quarter ending March 31, 2021. The company is expected to submit an updated plan to regain compliance which, once accepted, the NASDAQ will grant the company an exception up to November 22, 2021, to comply.
The company received a loan funding of $3.192 million from the Paycheck Protection Program in April Last year. However, according to a notification the company received on August 12, 2021, this loan is now forgiven through the Arvest Bank. Therefore in the months to come, it is worth keeping an eye on.
On Friday, ADMP stock fell 2.63% at $1.11 with more than 3.17 million shares, compared to its average volume of 5.75 million shares. The stock has moved within a range of $1.0750 – 1.1500 after opening the trade at $1.15 .