Why Did Calyxt (CLXT) Stock Go 18% Higher In Pre-Market Session On Friday?

Shares of Calyxt Inc. (Nasdaq: CLXT) were up 17.85% at $0.1888 at the time of the most recent pre-market check. The price of CLXT stock rose despite the absence of recent news, so there may be some grounds for optimism that these events may provide more details about the firm.

What has recently occurred at CLXT?

In its research partnership agreement with a top Asian food ingredient company, Calyxt (CLXT) recently completed the first phase with success. The goal was to create an enhanced soybean that could produce oil as a viable commercial substitute for palm oil. Calyxt made significant strides in this partnership. The accomplishment relies on CLXT’s experience working with soybeans as well as its team’s creativity and commitment to designing plant-based solutions that meet clients’ sustainability concerns.

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The capacity of CLXT to use the strength of its own PlantSpring technology platform in this area comes at a crucial juncture in the global conversation about the sustainability and environmental effects of conventional palm oil production. As was previously mentioned, Calyxt received a monetary payout for reaching the first milestone. The second and last part of the research cooperation has started, and CLXT anticipates receiving a final milestone payment when it is finished. The last stage should be finished in the first quarter of 2024, according to CLXT.

CLXT received the minimum bid price notice:

The Nasdaq Stock Market, LLC (“Nasdaq”) last month informed Calyxt (CLXT) in writing that it had granted the company’s request for a 180-day extension to resume compliance with Nasdaq’s minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”). Now, CLXT has until May 15, 2023, to fulfill the condition. The problem will be resolved and the Company will once again be in compliance with the Bid Price Rule if, at any point before May 15, 2023, the bid price of the Company’s ordinary shares closes at $1.00 per share or greater for a minimum of 10 consecutive working days.

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