TEL AVIV, Israel, July 1, 2020 /PRNewswire/ -- Therapix Biosciences
Ltd. (Nasdaq: TRPX) (the "Company" or "Therapix"), a specialty,
clinical-stage pharmaceutical company focusing on the development
of cannabinoid-based treatments announced today receipt of
Notice of Delisting and Injunction from Israeli
Court.
Notice of Delisting
On June 30, 2020, Therapix
Biosciences Ltd. (the "Company"), received a written notice (the
"Notice") from the Nasdaq Hearings Panel (the "Panel") detailing
the decision of the Panel to delist the Company's American
Depositary Shares (the "ADSs") from The Nasdaq Capital Market
("Nasdaq"). In accordance with the Notice, suspension of trading in
the ADSs will be effective at the open of business on July 2, 2020.
Nasdaq will complete the delisting of the Company's ADSs by
filing a Form 25-NSE with the Securities and Exchange Commission
(the "SEC"), which will have the effect of removing the Company's
ADSs from listing on Nasdaq and registration with the SEC, after
the applicable appeal period has lapsed. The Company may request
that the Nasdaq Listing and Hearing Review Council review the
Panel's decision within 15 days from the date of the Notice.
Injunction from Israeli Court
Following a motion filed by a shareholder of the Company to the
Tel Aviv district court,
Israel, on June 30, 2020, a temporary injunction was granted
by the court against the Company prohibiting the Company from
making any changes in its share capital or adopting any resolution
which is not in the ordinary course of business of the Company
until a hearing, currently scheduled for July 8, 2020. As a
result, the closing of the Company's previously announced
$2.6 million private placement will
not take place on July 1, 2020.
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.
Logo -
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Investor Contact:
IR@therapixbio.com
Tel: +972-3-6167055
info@therapixbio.com
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SOURCE Therapix Biosciences Ltd.