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Biodexa Pharmaceuticals PLC (Nasdaq: BDRX) received a delisting determination from Nasdaq on August 27, 2024, due to its stock closing below $1.00 for 30 consecutive business days. This violates Nasdaq Listing Rule 5550(a)(2). The company is not eligible for the usual 180-day compliance period because it has effected reverse stock splits with a cumulative ratio of 250:1 or more over the past two years.
Biodexa plans to appeal the decision by requesting a hearing before the Nasdaq Hearings Panel. This request will automatically stay any suspension or delisting action pending the hearing and any additional extension period granted by the Panel. The company remains focused on developing innovative products for diseases with unmet medical needs.
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX) ha ricevuto una determinazione di delisting da Nasdaq il 27 agosto 2024, a causa della chiusura delle sue azioni al di sotto di $1.00 per 30 giorni lavorativi consecutivi. Questo viola la Regola di Quotazione Nasdaq 5550(a)(2). L’azienda non è idonea per il consueto periodo di conformità di 180 giorni poiché ha effettuato split azionari inversi con un rapporto cumulativo di 250:1 o maggiore negli ultimi due anni.
Biodexa ha intenzione di presentare appello contro la decisione richiedendo un’udienza davanti al Nasdaq Hearings Panel. Questa richiesta sospenderà automaticamente qualsiasi azione di sospensione o delisting in attesa dell’udienza e di qualsiasi ulteriore periodo di proroga concesso dal Panel. L’azienda rimane focalizzata nello sviluppare prodotti innovativi per malattie con bisogni medici insoddisfatti.
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX) recibió una determinación de exclusión de Nasdaq el 27 de agosto de 2024, debido a que sus acciones cerraron por debajo de $1.00 durante 30 días hábiles consecutivos. Esto viola la Regla de Listado de Nasdaq 5550(a)(2). La empresa no es elegible para el habitual período de cumplimiento de 180 días porque ha realizado divisiones de acciones inversas con una relación acumulativa de 250:1 o más en los últimos dos años.
Biodexa planea apelar la decisión solicitando una audiencia ante el Nasdaq Hearings Panel. Esta solicitud detendrá automáticamente cualquier acción de suspensión o exclusión pendiente de la audiencia y cualquier período adicional de prórroga concedido por el Panel. La empresa sigue centrada en desarrollar productos innovadores para enfermedades con necesidades médicas insatisfechas.
바이오덱사 제약 PLC (Nasdaq: BDRX)는 2024년 8월 27일 주가가 30거래일 연속 1.00달러 이하로 마감함에 따라 나스닥으로부터 상장 폐지 결정 통보를 받았습니다. 이는 나스닥 상장규정 5550(a)(2)를 위반한 것입니다. 회사는 지난 2년 동안 누적 비율 250:1 이상의 주식 분할을 수행했기 때문에 일반적인 180일 준수 기간에 적합하지 않습니다.
바이오덱사는 나스닥 청문 위원회에 청문회를 요청하여 결정에 대한 항소를 할 계획입니다. 이 요청은 청문회 및 위원회가 부여한 추가 연기 기간이 끝날 때까지 모든 정지 또는 상장 폐지 조치를 자동으로 연기합니다. 회사는 unmet medical needs를 가진 질병에 대한 혁신적인 제품 개발에 집중하고 있습니다.
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX) a reçu une décision de radiation de la part de Nasdaq le 27 août 2024, suite à la fermeture de ses actions sous 1,00 $ pendant 30 jours ouvrés consécutifs. Cela enfreint la règle d’inscription Nasdaq 5550(a)(2). L’entreprise n’est pas éligible pour le délai de conformité habituel de 180 jours car elle a procédé à des divisions d’actions inversées avec un ratio cumulé de 250:1 ou plus au cours des deux dernières années.
Biodexa prévoit de faire appel de la décision en demandant une audience devant le Nasdaq Hearings Panel. Cette demande suspendra automatiquement toute action de suspension ou de radiation en attendant l’audience et tout éventuel délai supplémentaire accordé par le Panel. L’entreprise reste concentrée sur le développement de produits innovants pour des maladies ayant des besoins médicaux non satisfaits.
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX) erhielt am 27. August 2024 eine Delisting-Entscheidung von Nasdaq, da die Aktien des Unternehmens 30 aufeinanderfolgende Geschäftstage unter 1,00 USD schlossen. Dies verstößt gegen die Nasdaq Listing Rule 5550(a)(2). Das Unternehmen ist aufgrund von durchgeführten Rücksplitterungen mit einem kumulierten Verhältnis von 250:1 oder mehr in den letzten zwei Jahren nicht für den üblichen 180-tägigen Konformitätszeitraum berechtigt.
Biodexa plant, die Entscheidung anzufechten, indem es eine Anhörung vor dem Nasdaq Hearings Panel beantragt. Dieser Antrag wird automatisch jegliche Aussetzungs- oder Delisting-Maßnahmen bis zur Anhörung und bis zur Gewährung eines weiteren Verlängerungszeitraums durch das Panel aussetzen. Das Unternehmen bleibt auf die Entwicklung innovativer Produkte für Krankheiten mit unerfüllten medizinischen Bedürfnissen fokussiert.
Positive
- Company plans to appeal the delisting determination
- Automatic stay of suspension/delisting upon hearing request
Negative
- Received Nasdaq delisting determination
- Stock price below $1.00 for 30 consecutive business days
- Not eligible for 180-day compliance period due to previous reverse stock splits
- Risk of potential delisting from Nasdaq Capital Market
The delisting notice from Nasdaq is a significant concern for Biodexa Pharmaceuticals. This development could have severe implications for the company’s market visibility and ability to raise capital. The fact that Biodexa is not eligible for the standard 180-day compliance period due to its history of reverse stock splits is particularly troubling, indicating persistent financial struggles.
While the company plans to appeal, investors should be aware that delisting often leads to reduced liquidity and increased volatility in stock price. The company’s focus on acquisitions may be challenging to maintain if it loses its Nasdaq listing, potentially impacting its growth strategy. Shareholders should closely monitor the outcome of the appeal and any subsequent strategic decisions by management.
Biodexa’s decision to appeal the delisting determination is a standard procedural move. The automatic stay on suspension/delisting during the appeal process provides a temporary reprieve, but it’s important to note that this doesn’t guarantee a favorable outcome. The Panel will likely scrutinize the company’s financial viability and plans for compliance with Nasdaq’s listing requirements.
The company’s history of multiple reverse stock splits, totaling a ratio of 250:1 or more over two years, suggests a pattern of financial distress. This history may weaken Biodexa’s position in the appeal. Investors should be prepared for potential outcomes, including possible alternative listing venues or private company status if the appeal is unsuccessful.
August 30, 2024
Biodexa Pharmaceuticals PLC
(“Biodexa” or the “Company”)
Receipt of Nasdaq Delisting Determination
Plans to Appeal
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX), an acquisition-focused clinical stage biopharmaceutical company developing a pipeline of innovative products for the treatment of diseases with unmet medical needs, announced today that on August 27, 2024, it received a Staff Determination letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company of the Staff’s determination to delist the Company’s securities from The Nasdaq Capital Market because the Company’s securities have had a closing bid price below $1.00 for 30 consecutive business days, which triggers a notice of delisting pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Rule”). Normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the Rule. However, pursuant to Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) because the Company effected reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one.
Accordingly, and as described in the Letter, unless the Company timely requests a hearing before a Hearings Panel (the “Panel”), the Company’s securities would be subject to suspension/delisting. Accordingly, the Company intends to timely request a hearing before the Panel. The hearing request will automatically stay any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing.
About Biodexa Pharmaceuticals PLC
Biodexa Pharmaceuticals PLC (listed on NASDAQ: BDRX) is a clinical stage biopharmaceutical company developing a pipeline of innovative products for the treatment of diseases with unmet medical needs. The Company’s lead development programs include eRapa, under development for Familial Adenomatous Polyposis and Non-Muscle Invasive Blader Cancer: tolimidone, under development for the treatment of type 1 diabetes; and MTX110, which is being studied in aggressive rare/orphan brain cancer indications.
eRapa is a proprietary oral tablet formulation of rapamycin, also known as sirolimus. Rapamycin is an mTOR (mammalian Target Of Rapamycin) inhibitor. mTOR has been shown to have a significant role in the signaling pathway that regulates cellular metabolism, growth and proliferation and is activated during tumorgenesis.
Tolimidone is an orally delivered, potent and selective inhibitor of Lyn kinase. Lyn is a member of the Src family of protein tyrosine kinases, which is mainly expressed in hematopoietic cells, in neural tissues, liver, and adipose tissue. Tolimidone demonstrates glycemic control via insulin sensitization in animal models of diabetes and has the potential to become a first in class blood glucose modulating agent.
MTX110 is a solubilised formulation of the histone deacetylase (HDAC) inhibitor, panobinostat. This proprietary formulation enables delivery of the product via convection-enhanced delivery (CED) at chemotherapeutic doses directly to the site of the tumor, by-passing the blood-brain barrier and potentially avoiding systemic toxicity.
Biodexa is supported by three proprietary drug delivery technologies focused on improving the bio-delivery and bio-distribution of medicines. Biodexa’s headquarters and R&D facility is in Cardiff, UK. For more information visit www.biodexapharma.com.
Forward-Looking Statements
Certain statements in this announcement may constitute “forward-looking statements” within the meaning of legislation in the United Kingdom and/or United States. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation. All statements contained in this announcement that do not relate to matters of historical fact should be considered forward-looking statements including, but not limited to, the anticipated net proceeds, and the anticipated use of proceeds therefrom, and projected cash runway. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved.” Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein.
Reference should be made to those documents that Biodexa shall file from time to time or announcements that may be made by Biodexa in accordance with the rules and regulations promulgated by the SEC, which contain and identify other important factors that could cause actual results to differ materially from those contained in any projections or forward-looking statements. These forward-looking statements speak only as of the date of this announcement. All subsequent written and oral forward-looking statements by or concerning Biodexa are expressly qualified in their entirety by the cautionary statements above. Except as may be required under relevant laws in the United States, Biodexa does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or events otherwise arising.
FAQ
Why did Biodexa Pharmaceuticals (BDRX) receive a delisting determination from Nasdaq?
Biodexa Pharmaceuticals (BDRX) received a delisting determination from Nasdaq on August 27, 2024, because its stock closing bid price was below $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
Is Biodexa Pharmaceuticals (BDRX) eligible for the 180-day compliance period?
No, Biodexa Pharmaceuticals (BDRX) is not eligible for the 180-day compliance period because it has effected reverse stock splits with a cumulative ratio of 250:1 or more over the past two years.
What action is Biodexa Pharmaceuticals (BDRX) taking in response to the Nasdaq delisting determination?
Biodexa Pharmaceuticals (BDRX) intends to appeal the decision by requesting a hearing before the Nasdaq Hearings Panel, which will automatically stay any suspension or delisting action pending the hearing and any additional extension period granted.
When did Biodexa Pharmaceuticals (BDRX) receive the Nasdaq Staff Determination letter?
Biodexa Pharmaceuticals (BDRX) received the Nasdaq Staff Determination letter on August 27, 2024.
