Trevena Inc . (NASDAQ: NASDAQ:TRVN), a biopharmaceutical company, is confronting the risk of being delisted from the Nasdaq Capital Market after failing to meet the minimum bid price and stockholders\' equity requirements. The company\'s common stock has been closing below the $1.00 minimum bid price for over 30 consecutive business days, which is against Nasdaq\'s continued listing standards.
In a letter dated March 1, 2024, Nasdaq informed Trevena that it had not regained compliance with the Minimum Bid Price Requirement. Moreover, the company is not eligible for a second 180-day extension period because it does not meet the $5,000,000 minimum stockholders\' equity initial listing requirement for the Nasdaq Capital Market.
In response to Nasdaq\'s delisting notice, Trevena submitted a request for a hearing to appeal the decision on Monday. Nasdaq has granted a stay of the delisting pending a final decision by the Nasdaq Hearings Panel, with the hearing scheduled for May 2, 2024, via video conference.
Trevena plans to present a compliance plan at the hearing in an attempt to meet Nasdaq\'s listing requirements. However, there is no guarantee that the Panel will accept the company\'s request for continued listing or that Trevena will be able to prove compliance within any extension period granted by the Panel.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.