On May 16, 2017, Opexa Therapeutics, Inc. (the “Company”) received a letter from the listing qualifications department staff of the NASDAQ Stock Market (“NASDAQ”) notifying the Company that the stockholders’ equity of $2,241,693 as reported in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2017 was below the minimum stockholders’ equity of $2,500,000 required for continued listing on the NASDAQ Capital Market as set forth in NASDAQ listing rule 5550(b)(1).
The Company has been provided 45 calendar days, or until June 30, 2017, to submit a plan to regain compliance with the minimum stockholders’ equity standard. If the Company’s plan to regain compliance is accepted, NASDAQ may grant an extension of up to 180 calendar days from the date of the notification letter, or until November 12, 2017, to evidence compliance with the minimum stockholders’ equity standard.
While the Company is exercising diligent efforts to maintain the listing of its common stock on NASDAQ, and intends to timely provide NASDAQ with its plan to regain compliance with the minimum stockholders’ equity standard, there can be no assurance that the plan will be accepted or that if it is the Company will be able to regain or maintain compliance. If the Company’s plan to regain compliance is not accepted or if it is and the Company does not regain compliance by November 12, 2017, or if the Company fails to satisfy another NASDAQ requirement for continued listing, NASDAQ staff could provide notice that the Company’s common stock will become subject to delisting. In such event, NASDAQ rules permit the Company to appeal the decision to reject its proposed compliance plan or any delisting determination to a NASDAQ Hearings Panel.
As previously disclosed in April 2017, the Company received a staff deficiency letter from NASDAQ indicating that the Company’s common stock failed to comply with the minimum bid price requirement because it closed below the $1.00 minimum closing bid price for 30consecutive trading days.The Company has been granted an 180-day grace period, or until October 9, 2017, to regain compliance with NASDAQ’s minimum bid price requirement (i.e., by the Company’s common stock maintaining a closing bid price of $1.00 per share or more for a minimum of 10consecutive business days during the additional grace period, or such longer period of time as the NASDAQ staff may require). The Company is actively monitoring the closing bid price of its common stock and evaluating options to resolve the bid price deficiency. However, there can be no assurance that the Company will be able to regain or maintain compliance with the NASDAQ listing standards.
About OPEXA THERAPEUTICS, INC. (NASDAQ:OPXA) Opexa Therapeutics, Inc. (Opexa) is a biopharmaceutical company. The Company is engaged in the development of a personalized immunotherapy with the potential to treat various illnesses, including multiple sclerosis (MS), as well as other autoimmune diseases, such as neuromyelitis optica (NMO). These therapies are based on its T-cell technology. The Company’s product candidates include Tcelna and OPX-212. Tcelna is an autologous T-cell immunotherapy that is being developed for the treatment of secondary progressive MS (SPMS) and is tailored to each patient’s immune response profile to myelin. Tcelna is designed to reduce the number and/or functional activity of specific subsets of myelin-reactive T-cells (MRTCs) known to attack myelin. Tcelna is manufactured using its method for the production of an autologous T-cell product. In addition to the ongoing clinical development of Tcelna, the Company is developing OPX-212 as an autologous T-cell immunotherapy for the treatment of NMO.
OPEXA THERAPEUTICS, INC. (NASDAQ:OPXA) Recent Trading Information OPEXA THERAPEUTICS, INC. (NASDAQ:OPXA) closed its last trading session 00.000 at 0.599 with 36,584 shares trading hands.
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