Moleculin Biotech Loses Nasdaq Compliance Grace Period After 1-for-25 Split

The Nasdaq Listing Qualifications Department has determined that Moleculin Biotech, Inc. (MBRX) is ineligible for a compliance period to regain its minimum bid price status. The ruling was issued on September 15, 2026, following a review of the company's trading performance over the prior 30 consecutive business days. This decision strips the Houston-based biotech of the standard 180-calendar day window typically afforded to firms that fail to meet Nasdaq Listing Rule 5550(a)(2). The math behind the disqualification is specific: the staff found that the closing bid price of MBRX common stock, par value $0.001 per share, remained below $1.00 per share from July 31, 2026, through September 11, 2026. Because the company effected a 1-for-25 reverse stock split on December 1, 2025, it is barred from the standard cure period under Nasdaq Listing Rule 5810(c)(3)(A)(iv). The rule explicitly excludes companies that have executed a reverse split within the prior one-year period from receiving this additional time to regain compliance. Moleculin Biotech intends to request a hearing before the Nasdaq Hearings Panel to challenge the determination. A timely request for such a hearing will stay any suspension or delisting action pending the panel's decision. During the pendency of the hearing process, the common stock will continue to trade on The Nasdaq Capital Market. The company filed its Form 8-K on September 18, 2026, signed by Chief Financial Officer Jonathan P. Foster. The filing notes that there can be no assurance that the request for continued listing will be granted. It is also possible that the panel may condition continued listing on requirements the company may be unable to satisfy. The core issue remains the persistent failure to maintain a closing bid price above the $1.00 threshold. The reverse split of December 1, 2025, was a previous attempt to address this structural issue, but the subsequent trading data from late July to mid-September 2026 failed to sustain the necessary price level. The 30-day window from July 31 to September 11, 2026, serves as the definitive metric for the staff's determination. Without the 180-day grace period, the company's path to maintaining its Nasdaq listing now rests entirely on the outcome of the upcoming hearing. The filing does not specify a deadline for the hearing request, only that it must be made in a timely manner according to the Nasdaq Listing Rule 5800 Series. The stock's par value remains $0.001 per share, a detail that underscores the low absolute price level required to meet the $1.00 minimum bid rule. The company's principal executive offices are located in Houston, Texas, and its commission file number is 001-37758. The IRS employer identification number is 47-4671997. The company is incorporated in Delaware. The ruling highlights the strict enforcement of Nasdaq's continued listing standards, particularly for firms that have recently altered their share structure. The staff's determination letter is the primary document driving this news event. Moleculin Biotech's ability to remain listed on the Nasdaq Capital Market now hinges on the procedural outcome of the panel review. The forward-looking statements in the filing emphasize the uncertainty surrounding the panel's decision. The company undertakes no obligation to update these statements except as required by law. The situation illustrates the high bar for small-cap biotechs to maintain exchange listing compliance. The 1-for-25 split ratio was significant, yet it did not prevent the subsequent 30-day price failure. The specific dates of the price failure, July 31 through September 11, 2026, are critical to the legal standing of the delisting notice. The hearing process is the next critical step in the timeline. Until the panel decides, the stock trades normally. The company's status as an emerging growth company is not checked in the filing, indicating it has not elected that status or is not eligible. The filing was made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. The date of the earliest event reported is September 15, 2026. The company's telephone number is (713) 300-5160. The address is 5300 Memorial Drive, Suite 950, Houston, TX 77007. The ruling is final in its determination of ineligibility for the standard cure period. The company must now rely on the hearing to avoid delisting. The stock symbol MBRX is registered on The NASDAQ Stock Market LLC. The par value of the common stock is $0.001. The minimum bid price requirement is set by Nasdaq Listing Rule 5550(a)(2). The compliance period rule is 5810(c)(3)(A). The exception for reverse splits is 5810(c)(3)(A)(iv). The hearing panel rules are in the 5800 Series. The company's name is Moleculin Biotech, Inc. The state of incorporation is Delaware. The filing date is September 18, 2026. The event date is September 15, 2026. The price threshold is $1.00. The duration of non-compliance is 30 consecutive business days. The split ratio is 1-for-25. The split date is December 1, 2025. The CFO is Jonathan P. Foster. The company is headquartered in Houston, Texas.