NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) Announces it has Filed an Application with NASDAQ to Uplist to the NASDAQ Global Market from the NASDAQ Capital Market

Rhea-AI Summary

NRx Pharmaceuticals (NASDAQ:NRXP) has filed an application to uplist from the NASDAQ Capital Market to the NASDAQ Global Market. The uplisting requires the company to maintain specific listing requirements, including a market value of listed securities above $75 million and a minimum bid price of $4.00 for 90 consecutive trading days. The company has disclosed having 15.7 million outstanding shares of common stock, which will be used to calculate its market capitalization. Management believes this move could potentially improve shareholder liquidity and meet institutional investment requirements.

Positive

• Potential for improved stock liquidity through uplisting to NASDAQ Global Market
• Ability to attract institutional investors with stricter investment requirements

Negative

• Must maintain $75 million market value of listed securities requirement
• Must maintain $4.00 minimum bid price for 90 consecutive trading days

News Market Reaction

+1.24%

1 alert

+1.24% News Effect

On the day this news was published, NRXP gained 1.24%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

• Management believes uplisting has the potential to provide shareholders with improved liquidity
• Requires NRx Pharmaceuticals to meet certain listing requirements
• Company has advised NASDAQ that current shares outstanding is 15.7 million

WILMINGTON, Del., Jan. 13, 2025 /PRNewswire/ -- NRx Pharmaceuticals, Inc. (NASDAQ: NRXP) ("NRx", the "Company"), a clinical-stage biopharmaceutical company, today announced it has applied to NASDAQ to uplist the Company's securities to the NASDAQ Global Market (NASDAQ GM).

Listing on the NASDAQ Global Market requires the Company to meet published requirements to successfully list on the NASDAQ Global Market, including maintaining a market value of listed securities (MVLS) above $75 million and a minimum bid price of at least $4.00 for 90 consecutive trading days.  The Company has advised NASDAQ that it currently has 15.7 million outstanding shares of common stock, which will inform the calculation of the Company's market capitalization.

"We have applied for this uplisting to the NASDAQ Global Market, which is subject to meeting published listing requirements, with the goals of enhancing liquidity for NRx shareholders and meeting the investment requirements of institutional funds that require listing on the Global Market," said Dr. Jonathan Javitt, Founder, Chairman and CEO.  "Our aim remains to  address suicidal depression and PTSD in the US and elsewhere, and to bring hope to life."

About NRx Pharmaceuticals, Inc.

NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal bipolar depression, chronic pain, and PTSD. The Company is developing NRX-101, an FDA-designated investigational Breakthrough Therapy for suicidal treatment-resistant bipolar depression and chronic pain. NRx plans to file an NDA for Accelerated Approval for NRX-101 in patients with bipolar depression and suicidality or akathisia. NRX-101 additionally has potential to act as a non-opioid treatment for chronic pain, as well as a treatment for complicated UTI.

NRx has recently announced initiation of filing a New Drug Application for NRX-100 (IV ketamine) for the treatment of suicidal depression, based on results of well-controlled clinical trials conducted under the auspices of the US National Institutes of Health and newly obtained data from French health authorities, licensed under a data sharing agreement. NRx was awarded Fast Track Designation for development of ketamine (NRX-100) by the US FDA as part of a protocol to treat patients with acute suicidality.

Notice Regarding Forward-Looking Statements

The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, among others, statements regarding closing the acquisition of Kadima and obtaining financing necessary to consummate the acquisition. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to the Company's operations, results of operations, growth strategy, liquidity, and the Company's ability to meet the listing standards of the NASDAQ Global Market, including maintaining a minimum bid price of at least $4.00 per share for at least 90 consecutive days. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. Except as may be required by applicable law, The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise.

For further information: 
Matthew Duffy
Chief Business Officer, NRx Pharmaceuticals
Co-Chief Executive Officer, HOPE Therapeutics, Inc.
mduffy@nrxpharma.com

 

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SOURCE NRx Pharmaceuticals, Inc.

FAQ

What are the requirements for NRXP to uplist to NASDAQ Global Market?

NRXP must maintain a market value of listed securities above $75 million and a minimum bid price of $4.00 for 90 consecutive trading days.

How many outstanding shares does NRXP currently have?

NRXP has 15.7 million outstanding shares of common stock.

What are the potential benefits of NRXP uplisting to NASDAQ Global Market?

The uplisting could provide improved liquidity for shareholders and attract institutional investors who require listing on the Global Market.

When did NRXP announce its application to uplist to NASDAQ Global Market?

NRXP announced its application to uplist on January 13, 2025.