On March 02, Kiromic Biopharma Inc. (KRBP) stock surged in the after-hours to trade at a value of $1.0600 per share. The company has not posted any new announcement or SEC filing to cause the bullish trend in the stock.
The stock remained in the green during the regular session with a mild gain of 0.67%. While there is no official reason, KRBP stock saw a volume of a huge 1,175% of its average during the session. The stock closed the regular trading session at $0.7852 whereas 1.61 million shares exchanged hands. Following the close of regular trading, the stock’s bullish momentum rose in the after hours. Thus, the stock added a huge 35.00% at an after-hours volume of 1.5 million on Wednesday.
The biotechnology company, Kiromic Biopharma Inc. has a market capitalization of $12.04 million. The company has 15.44 million shares outstanding in the market currently.
KRBP stock Movement Analysis
As the market crashed down last week on the escalated Russia-Ukraine conflict, KRBP stock also suffered a downfall. The stock plunged down to its 52-week low of $0.57 on February 24, 2022. Since then, the stock has been on a bullish path, gaining and advancing at a slow pace. As there is no official new or SEC filing to justify the bullish momentum, it seems investors are taking advantage of the stock’s low price. Moreover, external factors like social media discussions and stock sentiment could be at play here as well.
Changes in Management and Board
On February 03, the company announced certain changes in its management and board. These changes included the following:
Dr. Maurizio Chiriva, the company’s previous CEO and Chairman of the board resigned from his roles, effective January 27, 2022. As a result, Pietro Bersani, KRBP’s former Chair of Audit Committee was appointed on the same day as Interim CEO to succeed Mr. Chiriva.
Furthermore, Michael Nagel (company director) was appointed as the new Chairman of the board of directors, effective January 27, 2022.
In addition, the company also announced the formation of a Disclosure Committee for strengthening its disclosure requirements protocol, process, and procedure. The committee consists of the company’s senior leadership.
Nasdaq Notice to KRBP
On November 24, the company announced receiving a written notice from Nasdaq dated November 18, 2021. As per the notice, the company is not in compliance with Nasdaq’s listing Rule 5250©(1). The company failed to file it Quarterly Report on Form 10-Q for the third quarter of 2021 on time.
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