Biodexa Pharmaceuticals Plc ( BDRX ) shares are soaring in Tuesday’s after-hours session following the company’s announcement that it was granted an extension to demonstrate compliance with Nasdaq listing requirements.

What Happened: Biodexa announced Tuesday the Nasdaq Hearings Panel approved the company’s request for an extension to demonstrate compliance with the $1 minimum bid price requirement for continued listing.

The company announced it received a delisting notice in August and planned to submit a timely appeal to request a hearing before the Nasdaq panel.

Following Tuesday’s announcement, Biodexa will now have until Oct. 31 to demonstrate compliance by maintaining a closing price of at least $1 per share for a minimum of 20 consecutive trading days. Biodexa shares were trading around $9 at the time of writing.

Biodexa announced a ratio change on its American Depositary Receipts (ADRs) last month in order to bring the company’s stock price in compliance with Nasdaq listing rules. The ratio change had the same effect as a 1-for-20 reverse stock split.

Biodexa is a clinical-stage biopharmaceutical company developing a pipeline of products for the treatment of diseases with unmet medical needs.

BDRX Price Action: Biodexa shares were up 27.74% in after-hours, trading at $6.50 at the time of publication Tuesday, per Benzinga Pro.

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