Neurosense Therapeutics (NRSN) said late Friday it received a letter from the Nasdaq Listing Qualifications Department on Thursday stating that it has not regained compliance with the Nasdaq listing rule requiring a minimum market value of listed securities of $35 million.

The company said it intends to appeal the staff determination by timely requesting a hearing before the Nasdaq Hearings Panel and seeking more time to regain compliance.

Neurosense said it has received written notification from the staff confirming that it has regained compliance with the Nasdaq listing rule requiring securities to maintain a minimum bid price of $1 per share.