Intelligent Bio Solutions Inc. (INBS) last traded at 1.0300+0.7600 (+281.48%). The stock added another 15% after hours and traded at $1.1900 +0.16 (+15.53%). INBS has a 52 week range of $0.1700 – $1.6 and looks like the stock may be heading to its 52 week high.
So what caused INBS stock prices to surge ?
The company announced that it has finished reviewing the results of Milestone 7, a phase of its biosensor platform development at the University of Newcastle in Australia. The tests included evaluating time-to-result (TTR), sensitivity, and reproducibility. The results revealed a record-breaking 4x improvement in TTR, allowing the biosensor to return test results in less than a minute.
The company’s biosensor platform is the first of its kind in the world, designed to support multiple non-invasive, real-time, saliva-based diagnostic tests using Organic Thin Film Transistor (OTFT) technology. The platform features a small, printable organic strip, which empowers patients and primary health practitioners with the ability to conduct accurate and timely diagnoses.
The NASDAQ $1 minimum bid price compliance rule
The rally can gain legs if Intelligent Bio Solutions Inc. (INBS) if testing in human saliva produces successful results. The recent surge puts INBS above the 1$ mark. The NASDAQ $1 minimum bid price compliance rule is a requirement for companies listed on the NASDAQ stock exchange. This rule states that a company’s shares must maintain a minimum bid price of $1 or higher. If a company’s stock falls below this threshold, they will receive a notice from NASDAQ that they are not in compliance with the rule. The company will then have a certain period of time, typically 180 calendar days, to regain compliance. If the company is unable to regain compliance within that time frame, their shares will be delisted from the NASDAQ exchange. This rule is intended to ensure that companies listed on NASDAQ have a minimum level of financial stability and liquidity.