MyMD Pharmaceuticals Regains Compliance with Nasdaq Minimum Bid Price Requirement for Continued Listing
MyMD Pharmaceuticals, Inc.® (Nasdaq: MYMD) has regained compliance with Nasdaq's minimum bid price requirement after a 1-for-30 reverse stock split, ensuring continued listing on the Nasdaq Capital Market.
The reinstatement of MyMD Pharmaceuticals to Nasdaq compliance, following a reverse stock split, is a strategic financial maneuver that may influence investor confidence and the company's capital raising abilities. By executing a 1-for-30 reverse split, MyMD effectively shored up its stock price to meet Nasdaq's minimum bid price requirement, which is a common tactic employed by public companies facing delisting threats. This move is significant as it prevents potential delisting, which could result in reduced liquidity and limited access to capital markets.
For stakeholders, the immediate benefit is the stabilization of the company's stock market presence. However, the long-term implications warrant scrutiny. Reverse splits can sometimes be viewed negatively by the market, as they may signal underlying issues with the company's performance or growth prospects. Investors should monitor subsequent trading volumes and price stability to gauge market sentiment post-adjustment. Additionally, the company's ability to maintain compliance and deliver on its clinical development promises will be critical to its ongoing valuation.
From a medical research perspective, the focus for MyMD Pharmaceuticals is on advancing therapies for age-related diseases and inflammatory conditions, which are fields with significant unmet medical needs and substantial market potential. The return to Nasdaq compliance suggests that the company can continue to fund its clinical programs without the added pressures of non-compliance overhang.
However, it's essential to consider the clinical pipeline's progress and the potential impact of the therapies under development. For instance, if the company's novel therapies demonstrate efficacy and safety in clinical trials, it could lead to substantial market opportunities. Conversely, any setbacks in clinical development could be exacerbated by the company's already heightened financial scrutiny. Stakeholders should evaluate the company's research and development milestones closely to assess the investment's risk-reward profile.
03/05/2024 - 09:15 AM
BALTIMORE --(BUSINESS WIRE)--
MyMD Pharmaceuticals, Inc.® (Nasdaq: MYMD) (“MyMD” or “the Company”), a clinical stage biopharmaceutical company committed to developing novel therapies for age-related diseases, autoimmune and inflammatory conditions, today announced that it received notice from The Nasdaq Stock Market LLC ("Nasdaq") on March 4, 2024 informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (“Listing Rule”) for continued listing on the Nasdaq Capital Market.
On October 11, 2023, MyMD received notice from the Listing Qualifications Department of Nasdaq indicating that the Company was not in compliance with the Listing Rule, as its common shares had failed to meet a closing bid price of $1.00
For the Company to regain compliance with the Listing Rule, the Company’s common stock was required to maintain a minimum closing bid price of $1.00
About MyMD Pharmaceuticals, Inc.
MyMD Pharmaceuticals, Inc. (Nasdaq: MYMD), a clinical stage pharmaceutical company committed to extending healthy lifespan, is focused on developing two novel therapeutic platforms that treat the causes of disease rather than only addressing the symptoms. MYMD-1 is a drug platform based on a clinical stage small molecule that regulates the immune system to control TNF-α, which drives chronic inflammation, and other pro-inflammatory cell signaling cytokines. MYMD-1 is being developed to delay aging, increase longevity, and treat autoimmune diseases. The Company’s second drug platform, Supera-CBD, is being developed to treat chronic pain, addiction and epilepsy. Supera-CBD is a novel synthetic derivative of cannabidiol (CBD) and is being developed to address and improve upon the rapidly growing CBD market, which includes both FDA approved drugs and CBD products not currently regulated as drugs. For more information, visit www.mymd.com .
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and none of MyMD nor its affiliates assume any duty to update forward-looking statements. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “may,” “plan,” “will,” “would’’ and other similar expressions are intended to identify these forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: the effect that the reverse stock split may have on the price of MyMD’s common stock; MyMD’s ability to maintain compliance with the Nasdaq Stock Market’s listing standards; the timing of, and MyMD’s ability to, obtain and maintain regulatory approvals for clinical trials of MyMD’s pharmaceutical candidates; the timing and results of MyMD’s planned clinical trials for its pharmaceutical candidates; the amount of funds MyMD requires for its pharmaceutical candidates; increased levels of competition; changes in political, economic or regulatory conditions generally and in the markets in which MyMD operates; MyMD’s ability to retain and attract senior management and other key employees; MyMD’s ability to quickly and effectively respond to new technological developments; MyMD’s ability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others and prevent others from infringing on MyMD’s proprietary rights; and the impact of the ongoing COVID-19 pandemic on MyMD’s results of operations, business plan and the global economy. A discussion of these and other factors with respect to MyMD is set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed by MyMD on March 31, 2023. Forward-looking statements speak only as of the date they are made and MyMD disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305851820/en/
Investor Contact:
Robert Schatz
rschatz@mymd.com
www.mymd.com
Media Contact:
media@mymd.com
Source: MyMD Pharmaceuticals, Inc.
The ticker symbol for MyMD Pharmaceuticals, Inc. is MYMD.
MyMD Pharmaceuticals, Inc. received notice from Nasdaq due to non-compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).
MyMD Pharmaceuticals, Inc. conducted a 1-for-30 reverse split of its common stock on February 14, 2024.
The goal of the reverse stock split conducted by MyMD Pharmaceuticals, Inc. was to increase the trading price of the common stock.
MyMD Pharmaceuticals, Inc. regained compliance with the Nasdaq Listing Rule on March 1, 2024, by maintaining a minimum closing bid price of $1.00 or more for at least 10 consecutive business days.
