Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed, on October 3, 2022, PLx Pharma Inc. (the "Company")
received written notice from the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq") notifying it that, for a period of 30 consecutive
business days, the bid price of its common stock had closed below the minimum of
$1.00 per share required for continued listing on The Nasdaq Capital Market
pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Rule"). In accordance with
Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days,
or until April 3, 2023, to regain compliance with the minimum bid requirement.
On April 4, 2023, the Company received notice from Nasdaq (the "April Notice")
that Nasdaq had determined that the Company had not regained compliance with the
Rule and is not eligible for a second 180 day period. Specifically, Nasdaq noted
that the Company's estimated pro-forma equity as of March 31, 2023 was below the
$5 million initial listing requirement of The Nasdaq Capital Market based on its
burn rate of approximately $4.25 million per month. The April Notice also stated
that the Company had not yet filed its Form 10-K for the period ended December
31, 2022, meaning that the Company no longer complies with Nasdaq Listing Rule
5250(c)(1).
As a result, unless the Company requests an appeal of Nasdaq's determination
pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series,
trading of the Company's common stock will be suspended from The Nasdaq Capital
Market at the opening of business on April 13, 2023, and a Form 25-NSE will be
filed with the Securities and Exchange Commission, which will remove the
Company's securities from listing and registration on The Nasdaq Stock Market.
The Company does not intend to appeal Nasdaq's determination and, therefore, it
is expected that the Company's common stock will be delisted from the Nasdaq
Stock Market as set forth in the April Notice.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File (the cover page XBRL tags are
embedded within the Inline XBRL document).
© Edgar Online, source Glimpses