TEL AVIV, Israel, Feb. 27, 2020 /PRNewswire/ -- Therapix
Biosciences Ltd. (Nasdaq: TRPX), a specialty, clinical-stage
pharmaceutical company focusing on the development of
cannabinoid-based treatments announced today that on February
24, 2020, the Company received a written notice from the
Nasdaq Stock Market LLC indicating that the Company was not in
compliance with Nasdaq Listing Rule 5550(a)(2), as the Company's
closing bid price for its American Depositary Shares was below
$1.00 per share for the last 30
consecutive business days.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been granted a 180-calendar day compliance period, or until August
24, 2020, to regain compliance with the minimum bid price
requirement. During the compliance period, the Company's American
Depositary Shares will continue to be listed and traded on the
Nasdaq Stock Market. To regain compliance, the closing bid price of
the Company's American Depositary Shares must meet or exceed $1.00
per share for at least 10 consecutive business days during the
180-calendar day compliance period.
If the Company is not in compliance by August 24, 2020, the Company may be afforded a
second 180-calendar day compliance period. To qualify for this
additional time, the Company will be required to meet the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for Nasdaq with the exception
of the minimum bid price requirement, and will need to provide
written notice of its intention to cure the deficiency during the
second compliance period. If the Company does not regain compliance
within the allotted compliance period(s), including any extensions
that may be granted by Nasdaq, Nasdaq will provide notice that the
Company's American Depositary Shares will be subject to
delisting.
The Company intends to monitor the closing bid price of its
American Depositary Shares between now and August 24, 2020, and will consider available
options to resolve the Company's noncompliance with the minimum bid
price requirement as may be necessary. There can be no assurance
that the Company will be able to regain compliance with the minimum
bid price requirement or will otherwise be in compliance with other
Nasdaq listing criteria.
About Therapix Biosciences (Nasdaq: TRPX):
Therapix Biosciences Ltd. is a specialty clinical-stage
pharmaceutical company led by an experienced team of senior
executives and scientists. Our focus is creating and enhancing a
portfolio of technologies and assets based on cannabinoid
pharmaceuticals. With this focus, the company is currently engaged
in the following drug development programs based on
tetrahydrocannabinol (THC) and/or non-psychoactive cannabidiol
(CBD): THX-110 for the treatment of Tourette syndrome and for the
treatment of obstructive sleep apnea; THX-160 for the treatment of
pain; and THX-210 for the treatment of autism spectrum
disorder and epilepsy. Please visit our website for more
information at www.therapixbio.com, the content of which is
not a part of this press release.
Forward Looking Statements:
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward-looking
statements when it discusses regaining compliance with Nasdaq's
continued listing requirements. In addition, historic results of
scientific research do not guarantee that the conclusions of future
research would not suggest different conclusions or that historic
results referred to in this press release would not be interpreted
differently in light of additional research or
otherwise. Because such statements deal with future events and
are based on the Company's current expectations, they are subject
to various risks and uncertainties and actual results, performance
or achievements of the Company could differ materially from those
described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press
release are subject to other risks and uncertainties, including
those discussed under the heading "Risk Factors" the Company's
Annual Report on Form 20-F filed with the SEC on May 15, 2019, and in subsequent filings with the
SEC. Except as otherwise required by law, the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, which speak only as of the date they were made, whether
as a result of new information, future events or circumstances or
otherwise.
Investor Contact:
IR@therapixbio.com
Tel: +972-3-6167055
info@therapixbio.com
View original
content:http://www.prnewswire.com/news-releases/therapix-biosciences-ltd-receives-nasdaq-notification-regarding-minimum-bid-requirements-301012922.html
SOURCE Therapix Biosciences Ltd.