SPARTA, N.J., April 11, 2023 (GLOBE NEWSWIRE) -- PLx Pharma Inc. (NASDAQ: PLXP) (“PLx” or the “Company”), is a commercial-stage drug delivery platform technology company focused on its clinically-validated and patent-protected PLxGuard™ that has the potential to improve the absorption of many drugs currently on the market and to reduce the risk of stomach injury associated with certain drugs. The Company had previously announced that on October 3, 2022, it was notified by the Listing Qualifications Department (the “Listing Qualifications Department”) of the Nasdaq Stock Market LLC (“Nasdaq”) that the Listing Qualifications Department has determined to delist the Company’s securities from Nasdaq, citing 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 Nasdaq 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”) indicating that the Company had not regained compliance with the Rule and is not eligible for a second 180-day period. 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).
Related tickers: PLXP.
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