UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On February 8, 2022, Avenue Therapeutics, Inc. (the “Company”) received a letter from the Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company’s closing bid price has been below $1.00 per share for 30 consecutive business days, and that, therefore, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2), which is the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has automatically been afforded a 180-calendar day grace period, or until August 8, 2022, to regain compliance. The continued listing standard will be met if the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of ten consecutive business days during the 180-calendar day grace period.
If the Company is not in compliance by August 8, 2022, the Company may be afforded a second 180-calendar day period to regain compliance if it meets certain requirements.
Additionally, as previously disclosed, the Company received a delinquency notification letter from Nasdaq which indicated that the Company was not in compliance with Nasdaq rules that require listed securities to maintain a minimum Market Value of Listed Securities (“MVLS”) of $35,000,000 (the “MVLS Requirement”). The Company was afforded an inital cure period of 180 calendar days. The cure period is set to expire on March 1, 2022. As of the date of this Current Report on Form 8-K, the Company has not been able to maintain a minimum MVLS Requirement.
The Company intends to monitor the closing bid price of its common stock and its MVLS, and consider its available options to resolve the noncompliance with the minimum bid price requirement and the noncompliance with the MVLS Requirement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AVENUE THERAPEUTICS, INC. | ||
| (Registrant) | ||
| Date: February 11, 2022 | ||
| By: | /s/ Lucy Lu, M.D. | |
| Name: | Lucy Lu, M.D. | |
| Title: | President, Chief Executive Officer and Interim Chief Financial Officer | |