Edge Therapeutics, Inc. (NASDAQ:EDGE) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously reported on a Current Report on Form 8-K filed with the Securities and Exchange Commission on September 7, 2018, Edge Therapeutics, Inc. (the “Company”) received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) on September 4, 2018, notifying the Company that the Company did not meet the minimum bid price per share requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Select Market and providing the Company with 180 calendar days to regain compliance with this requirement.
On March 5, 2019, the Company received approval from the Listing Qualifications Department of Nasdaq to transfer the listing of the Company’s common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market. This transfer became effective at the opening of business on March 6, 2019. The Company’s common stock will continue to trade under the symbol “EDGE.”
In connection with the transfer of its listing, Nasdaq has granted the Company an additional 180-calendar day period to regain compliance with Nasdaq’s $1.00 minimum bid price per share requirement. The Listing Qualifications Department’s determination in the March 5, 2019 notification letter was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the compliance period by effecting a reverse stock split, if necessary.
To regain compliance and qualify for continued listing on the Nasdaq Capital Market, the closing bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on September 3, 2019. If the Company fails to regain compliance during this grace period, Listing Qualifications Department will provide written notification that the Company’s common stock will be delisted. At that time, the Company may appeal the Listing Qualification Department’s delisting determination to a Nasdaq hearings panel. If the Company does appeal any delisting determination, there can be no assurance that such appeal would be successful.
About Edge Therapeutics, Inc. (NASDAQ:EDGE)
Edge Therapeutics, Inc. is a clinical-stage biotechnology company that discovers, develops and seeks to commercialize, hospital-based therapies capable of transforming treatment paradigms in the management of life-threatening neurological and other conditions. Edge is evaluating EG-1962, its lead product candidate, in the Phase 3 NEWTON 2 study in adult patients with aneurysmal subarachnoid hemorrhage (aSAH). This study will evaluate EG-1962’s ability to improve patient outcomes versus standard of care oral nimodipine after an aSAH resulting from a ruptured brain aneurysm. Edge’s product candidates utilize Precisa, a platform with a approach that seeks to enable targeted and sustained drug exposure at the site of injury, while potentially avoiding off-target side effects associated with systemic delivery. Edge is also using its Precisa development platform to develop additional product candidates targeting other acute, serious conditions where limited or no current therapies exist.
