Trevena Announces Receipt of Nasdaq Delisting Notification
Rhea-AI Summary
Trevena (Nasdaq: TRVN), a biopharmaceutical company focused on CNS disorders, announced on October 4, 2024, that it received a delisting notification from the Nasdaq Hearings Panel. The delisting is due to Trevena's failure to comply with the minimum stockholder's equity requirement under Nasdaq Listing Rule 5550(b)(1). Trading of Trevena's common stock on Nasdaq will be suspended effective October 8, 2024.
The company expects its common stock to begin trading on the Pink Open Market (pink sheets) operated by OTC Markets Group. However, Trevena cautions that there is no assurance that a broker will continue to make a market in the company's stock or that trading will continue on an over-the-counter market or elsewhere.
Positive
- None.
Negative
- Delisted from Nasdaq due to failure to meet minimum stockholder's equity requirement
- Trading of common stock on Nasdaq to be suspended on October 8, 2024
- Moving to less prestigious Pink Open Market (pink sheets)
- Uncertainty about continued market-making and trading of the stock
News Market Reaction 1 Alert
On the day this news was published, TRVN declined 45.71%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CHESTERBROOK, Pa., Oct. 04, 2024 (GLOBE NEWSWIRE) -- Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced that on October 4, 2024 the Company received notice that the Nasdaq Hearings Panel (the “Panel”) had determined to delist the Company’s common stock from The Nasdaq Stock Market LLC (“Nasdaq”) due to the Company’s failure to comply with the minimum stockholder’s equity requirement under Nasdaq Listing Rule 5550(b)(1) (the “Equity Standard Rule”). As previously disclosed, the Panel had provided the Company until October 2, 2024, to regain compliance with the Equity Standard Rule.
Trading in the Company’s common stock will be suspended on Nasdaq effective with the open of business on October 8, 2024. As a result, the Company expects its common stock to begin trading on the Pink Open Market operated by the OTC Markets Group, Inc. (commonly referred to as the “pink sheets”). There can be no assurance that a broker will continue to make a market in the Company’s common stock or that trading of the common stock will continue on an over-the-counter market or elsewhere.
About Trevena
Trevena, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative medicines for patients with CNS disorders. The Company has one approved product in the United States, OLINVYK® (oliceridine) injection, indicated in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate. The Company’s novel pipeline is based on Nobel Prize winning research and includes three differentiated investigational drug candidates: TRV045 for diabetic neuropathic pain and epilepsy, TRV250 for the acute treatment of migraine and TRV734 for maintenance treatment of opioid use disorder.
For more information, please visit www.Trevena.com
For more information, please contact:
Company Contact:
Bob Yoder
SVP and Chief Business Officer
Trevena, Inc.
(610) 354-8840
FAQ
Why is Trevena (TRVN) being delisted from Nasdaq?
When will Trevena's (TRVN) stock be suspended from trading on Nasdaq?
Where will Trevena's (TRVN) stock trade after being delisted from Nasdaq?
Is there a guarantee that Trevena's (TRVN) stock will continue trading after delisting?
