TEL AVIV, Israel, April 28, 2020 /PRNewswire/ -- Therapix
Biosciences Ltd. (Nasdaq: TRPX) (the "Company"), a specialty,
clinical-stage pharmaceutical company focusing on the development
of cannabinoid-based treatments announced today that on
April 8, 2020, it received notice
that the Nasdaq Hearings Panel (the "Panel") granted the Company an
extension until May 18, 2020, to
regain compliance with the minimum $2,500,000 stockholders' equity requirement for
continued listing on Nasdaq, as set forth in Nasdaq Listing Rule
5550(b)(1) (the "Stockholders' Equity Requirement").
![Therapix Biosciences logo (PRNewsfoto/Therapix Biosciences) Therapix Biosciences logo (PRNewsfoto/Therapix Biosciences)](https://mma.prnewswire.com/media/507393/Therapix_Biosciences_Logo.jpg)
Further, effective April 16, 2020,
in response to the COVID-19 pandemic, and the resulting related
market conditions, Nasdaq has elected to provide temporary relief
from the continued listing bid price, as set forth in Nasdaq
Listing Rule 5550(a)(2) (the "Bid Price Rule") and market value of
publicly held shares listing requirements ("Price-Based
Requirements"), by tolling compliance through June 30, 2020 (the "Tolling Period"). As a
result, companies presently in compliance periods for any
Price-Based Requirements, will remain at that same stage of the
process immediately after the Tolling Period, starting July 1, 2020.
Accordingly, upon reinstatement of the Price-Based Requirements,
the Company will have until November 5,
2020, to regain compliance with the Bid Price Rule. In order
to evidence compliance with the Bid Price Rule, the Company must
evidence a closing bid price of at least $1.00 per share for a minimum of 10 consecutive
trading days (at any time, during or after the Tolling Period).
The Company is diligently working to evidence compliance with
both the Bid Price Rule and Stockholders' Equity Rule; however,
there can be no assurance that it will be able to do demonstrate
compliance and satisfy Nasdaq's conditions for continued
listing.
About Therapix Biosciences (Nasdaq: TRPX):
Therapix Biosciences Ltd. is a specialty clinical-stage
pharmaceutical company led by an experienced team of senior
executives and scientists. Our focus is creating and enhancing a
portfolio of technologies and assets based on cannabinoid
pharmaceuticals. With this focus, the Company is currently engaged
in the following drug development programs based on
tetrahydrocannabinol (THC) and/or non-psychoactive cannabidiol
(CBD): THX-110 for the treatment of Tourette syndrome and for the
treatment of obstructive sleep apnea; THX-160 for the treatment of
pain; and THX-210 for the treatment of autism spectrum disorder and
epilepsy. Please visit our website for more information at
www.therapixbio.com, the content of which is not a part of this
press release.
Forward Looking Statements:
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward-looking
statements when it discusses plans to regain compliance with each
of Nasdaq's Stockholders' Equity Requirement and its Bid Price
Rule. Because such statements deal with future events and are based
on the Company's current expectations, they are subject to various
risks and uncertainties and actual results, performance or
achievements of the Company could differ materially from those
described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press
release are subject to other risks and uncertainties, including
those discussed under the heading "Risk Factors" the Company's
Annual Report on Form 20-F filed with the SEC on May 15, 2019, and in subsequent filings with the
SEC. Except as otherwise required by law, the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, which speak only as of the date they were made, whether
as a result of new information, future events or circumstances or
otherwise.
Investor Contact:
IR@therapixbio.com
Tel: +972-3-6167055
info@therapixbio.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/nasdaq-hearings-panel-grants-therapix-biosciences-extension-to-regain-compliance-with-listing-requirements-301048310.html
SOURCE Therapix Biosciences Ltd.