RALEIGH — 9 Meters Biopharma Inc., a company focused on gastrointestinal (GI) diseases, plans to appeal the Nasdaq’s decision to delist its shares from the stock exchange, according to an 8-K filing with the Securities and Exchange Commission.

In the regulatory filing posted on Friday, 9 Meters Biopharma said it received a delisting determination letter on Aug. 18 from Nasdaq Stock Market Listing Qualifications Department after the company failed to meet the minimum stock price requirement.

The company received a delisting notice in December after its stock price closed below the $1 per share minimum requirement for 30 consecutive trading days. At the time, the Nasdaq gave the company 180 calendar days, or until June 1, to regain compliance with the rule. That compliance period was extended until Aug. 17 due to the COVID-19 pandemic, the Friday filing notes.

9 Meters Biopharma appealed the delisting determination on Aug. 20 by requesting a hearing before a panel. At the hearing, scheduled for Sept. 24, the company will make a case for why it should be granted an additional compliance period.

In the filing, the company pointed to its recent progress in fundraising, investor outreach, analyst coverage and advancement in its clinical programs as reasons for why the company’s intrinsic value should increase. The company also noted that it secured analyst coverage by two firms in the last 90 days, and both gave it a 12-month price target of $5 per share.

On Monday, John Temperato, CEO of 9 Meters Biopharma, purchased 70,000 shares of the company’s stock priced at 69 per share, for a total of $48,300, according to a Form 4 filing with the SEC. He now owns 615,496 shares.

After the 2019 merger between Innovate Biopharmaceuticals and RDD Pharma, 9 Meters Biopharma became a new company focused on gastrointestinal diseases such as celiac disease.

A company representative didn’t immediately respond to a request for comment.

9 Meters Biopharma’s stock (NMTR) was last trading a penny lower near 64 cents per share on Monday.

The filing can be found here.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s