On March 15, 2017, Tenax Therapeutics, Inc. (the “Company”) received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, for the last 30 consecutive business days, the bid price for the Company’s common stock has closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Marketplace Rule 5550(a)(2).
Per Nasdaq’s notification letter, the Company has 180 calendar days, or until September 11, 2017, to regain compliance with the minimum $1.00 price per share requirement. To regain compliance, anytime before September 11, 2017, the bid price of the Company’s common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days. Nasdaq’s notification letter has no effect on the listing of the Company’s common stock at this time.
On September 11, 2017, if the Company meets The Nasdaq Capital Market initial listing criteria set forth in Marketplace Rule 5505, except for the minimum bid price requirement, it may be provided with an additional 180 calendar day compliance period to demonstrate compliance. If the Company is not eligible for an additional compliance period at that time, Nasdaq will provide the Company with written notification that its common stock will be subject to delisting. Upon such notice, the Company may appeal the Nasdaq Staff’s determination to a Nasdaq Hearings Panel, to the procedures set forth in the applicable Nasdaq Marketplace Rules. There can be no assurance that, if the Company appeals the Nasdaq Staff’s determination, such appeal would be successful.
The Company is currently evaluating its alternatives to resolve this listing deficiency.
About Tenax Therapeutics, Inc. (NASDAQ:TENX)
Tenax Therapeutics, Inc. is a specialty pharmaceutical company. The Company is focused on identifying, developing and commercializing products for the critical care market. The Company’s main product is levosimendan. Levosimendan is a calcium sensitizer developed for intravenous use in hospitalized patients with acutely decompensated heart failure. Levosimendan represents therapeutic modalities for the treatment of Low Cardiac Output Syndrome (LCOS), septic shock and other critical care conditions. The therapeutic effects of levosimendan are mediated through increased cardiac contractility by calcium sensitization of troponin C, resulting in a positive inotropic effect, which is not associated with substantial increases in oxygen demand; opening of potassium channels in the vasculature smooth muscle, resulting in a vasodilatory effect on all vascular beds, and opening of mitochondrial potassium channels in cardiomyocytes, resulting in a cardioprotective effect. Tenax Therapeutics, Inc. (NASDAQ:TENX) Recent Trading Information
Tenax Therapeutics, Inc. (NASDAQ:TENX) closed its last trading session down -0.020 at 0.654 with 1,853,068 shares trading hands.
