NYMOX Appeals Deficiency Letter
IRVINE, Calif., Jan. 06, 2023 (GLOBE NEWSWIRE) — Nymox Pharmaceutical Corporation (NASDAQ:NYMX) (the “Company”) reports that on January 4, 2023 the Company received a deficiency letter from The Nasdaq Stock Market (“Nasdaq”) stating that, because the Company’s common stock continues to trade at less than $1.00 per share, the Company has not regained compliance with the Rule 5550(a)(2) requiring a minimum bid price, and because the Company’s Stockholders’ equity was less than $5,000,000 as of September 30, 2022, the Company is not eligible for a second 180 day period. The Nasdaq letter states that unless the Company appeals the notice it would be removed from trading on The Nasdaq Capital Market on January 13, 2023. The Company has today appealed the decision and requested a hearing before Nasdaq, on the basis that it believes it has a plan to regain compliance. Pending the appeal procedure, there is a stay of the delisting. In order to regain compliance with the minimum bid price requirement, a security must have a closing bid price of $1.00 or more for 10 consecutive business days. There can be no assurances that the Company will be able to satisfy the above described deficiency in a timely fashion. If the Company is delisted from the Nasdaq, the Company shares will continue to be traded under the same symbol on the Over The Counter (“OTC”) Markets (www.otcmarkets.com). The Company’s business operations are not affected by the receipt of the deficiency letter.