Movano Inc. (NASDAQ:MOVE) shares jumped 68.8% in after-hours trading on Thursday, following the company’s announcement that NASDAQ granted an extension to maintain its exchange listing.

Check out the current price of MOVE stock here.

After-Hours Rally Highlights Market Response

According to Benzinga Pro data, the biotech firm closed regular trading on Thursday at $0.61, down 1.90%, before surging to $1.03.

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The after-hours movement represents a stark contrast to the stock’s recent performance, with shares down 86.96% over the past year within a trading range of $0.51 to $6.94. Market capitalization stands at $4.75 million with an average daily volume of 240,290 shares.

Nasdaq Panel Grants Critical Extension Period

The Nasdaq Hearings Panel approved the California company’s request to continue trading on the exchange, subject to two key compliance requirements. According to a company press release, the Panel’s determination followed an August 19 hearing where management presented their compliance plan.

The health technology company must file overdue quarterly reports (Form 10-Q) for periods ending on March 31 and June 30, by September 30, to satisfy Listing Rule 5250(c)(1). Additionally, the firm must demonstrate compliance with the $1.00 minimum bid price requirement under Rule 5550(a)(2) by October 30.

Reverse Stock Split Strategy Addresses Bid Price Compliance

Movano Health filed a preliminary proxy statement on August 19, for its September 26, annual shareholders meeting. The proxy includes a reverse stock split proposal designed to boost the share price above Nasdaq’s minimum $1.00 bid requirement.

Company management expressed confidence in meeting both compliance deadlines, stating they continue working with their new auditor to complete Securities and Exchange Commission filings within the granted extension period.

Benzinga’s Edge Stock Rankings indicate MOVE has a Value score of 77.88. Find out how the stock ranks on other metrics.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.