Flex Pharma,Inc. (NASDAQ:FLKS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Ruleor Standard; Transfer of Listing.
As previously disclosed on October 1, 2018, Flex Pharma, Inc. (the “Company") received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with the minimum market value of “publicly held” shares of the Company set forth in Nasdaq Listing Rule 5450(b)(1)(C) (the “MVPHS Rule”) for continued listing on The Nasdaq Global Market. The Company was provided a period of 180 calendar days, or until March 26, 2019, to regain compliance. On November 26, 2018, the Company received a letter from Nasdaq notifying the Company that it regained compliance with the MVPHS Rule. The letter noted that for the last 10 consecutive business days from the date of the letter, the market value of the Company's publicly held shares was $5 million or greater. Nasdaq considers this matter closed.
The Company also received notice from Nasdaq on August 13, 2018 notifying the Company that it was not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Rule”) for continued listing on The Nasdaq Global Market. The Company was provided a period of 180 calendar days, or until February 11, 2019, to regain compliance by maintaining a minimum closing bid price of at least $1.00 for a minimum of 10 consecutive business days. The Company is presently evaluating possible courses of action to regain compliance with the Bid Price Rule.
About Flex Pharma,Inc. (NASDAQ:FLKS)
Flex Pharma, Inc. is a biotechnology company. The Company develops treatments for nocturnal leg cramps, muscle cramps and spasms associated with severe neuromuscular conditions, and exercise associated muscle cramps (EAMCs). The Company’s product candidates activate certain receptors in primary sensory neurons, which then act through neuronal circuits to reduce the repetitive firing, or hyperexcitability, of alpha-motor neurons in the spinal cord, thereby preventing or reducing the frequency and intensity of muscle cramps and spasms. The Company operates through developing and commercializing products for nocturnal leg cramps, muscle cramps, spasms and spasticity associated with severe neuromuscular conditions, and exercise-associated muscle cramps segment. The Company’s lead drug product candidate is FLX-787, which is in the Phase II clinical trial stage. It is developing a consumer brand and products specifically formulated to treat athletes suffering from EAMCs.