TREVENA, INC. (NASDAQ:TRVN) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
On April 17, 2020, Trevena, Inc. (the “Company”) received notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) that the 180-day grace period to regain compliance with the Minimum Bid Price Requirement under applicable Nasdaq rules has been extended due to the global market impact caused by COVID-19. More specifically, Nasdaq has stated that the compliance periods for any company previously notified about non-compliance will be suspended effective April 16, 2020, until June 30, 2020. On July 1, 2020, companies would receive the balance of any pending compliance period exception to come back into compliance with the applicable Minimum Bid Price Requirement. As a result of this extension, the Company now has until November 13, 2020, to regain compliance with the Minimum Bid Price Requirement. While the Company is asking shareholders at its Annual Meeting on May 13, 2020, to approve an amendment to its Amended and Restated Certificate of Incorporation to give the Board of Directors discretion to effect a reverse stock split, the Board of Directors intends only to effect a reverse stock split if necessary to comply with the Nasdaq listing rules. Therefore, the Company now has until November 13, 2020, to comply with the Nasdaq listing rules, and if the Company is in compliance on or before November 13, 2020, the Board of Directors would not need to effect a reverse stock split.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this Current Report on Form 8-K are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “opportunity” and “should,” among others. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statements. Investors should read the risk factors set forth in the Company’s Form 10-K for the year ended December 31, 2019, and its other periodic reports filed with the Securities and Exchange Commission.
About TREVENA, INC. (NASDAQ:TRVN)
Trevena Inc. is a clinical-stage biopharmaceutical company. The Company discovers, develops and intends to commercialize therapeutics that use an approach to target G protein coupled receptors (GPCRs). Using its product platform, the Company has identified and advanced three differentiated product candidates: Oliceridine (TRV130), TRV027 and TRV250. Its TRV130 is a Mu-receptor G protein Pathway Selective (Mu-GPS) modulator that activates G protein. Its TRV250 is a small molecule G protein biased ligand of the d-opioid receptor in preclinical development. Its TRV734 is a small molecule Mu-GPS that it has discovered and has developed through Phase I as a first-line, orally administered compound for the treatment of moderate to severe acute and chronic pain. Its TRV027 is a peptide b-arrestin biased ligand that targets the angiotensin II type 1 receptor (AT1R). In addition to these three product candidates, the Company has identified and has completed the Phase I program for TRV734.