LakeShore Biopharma (LSB) said Friday it received a staff determination letter from the Nasdaq Stock Market indicating an intention to delist its securities from the exchange after it was found to be out of compliance with Nasdaq Listing Rules after the closing bid price for its ordinary shares fell below $1.00 per share for 30 consecutive business days.

The company is not eligible for the standard 180-day compliance period since it effected a stock split in the past year.

According to LakeShore, unless it requests an appeal, trading in its securities will be suspended on Sept. 22, and further steps will be taken to remove its securities from listing and registration on Nasdaq.

The company said it was considering available options.

LakeShore Biopharma shares were down 2% in recent premarket activity.