May 2023 Market Cap Requirement Update

Rhea-AI Summary

Nymox Pharmaceutical Corporation (NASDAQ: NYMX) received a deficiency notice from NASDAQ on November 18, 2022, indicating it does not meet the minimum market value requirement of $35 million. The company has 180 days, until May 17, 2023, to comply with this requirement by sustaining a market value above $35 million for at least 10 consecutive business days. Failure to do so may result in delisting, although the company can appeal this decision if necessary.

Positive

• Nymox has 180 days to regain compliance with NASDAQ listing requirements.
• Opportunity to appeal any potential delisting decision.

Negative

• Currently does not meet NASDAQ's minimum market value requirement of $35 million.
• Risk of delisting if compliance is not achieved by May 17, 2023.

IRVINE, Calif., Nov. 25, 2022 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (NASDAQ: NYMX) (the “Company”) reports that on November 18, 2022 the Company received a deficiency letter from NASDAQ stating the Listing Rules require listed securities to maintain and minimum market value of listed securities of $35 million. Based on their review, they advise that the Company is no longer in compliance with Nasdaq Listing Rule 5550(b)(2). The Nasdaq letter states that the Company will be afforded 180 calendar days (until May 17, 2023) to regain compliance with the minimum market value of listed securities requirement. In order to regain compliance, the Company must have a minimum market value of listed securities of at least $35 million or more for a minimum of 10 consecutive business days. If at any time during this 180-day period the Company’s minimum market value of listed securities meets or exceeds $35 million for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and the matter will be closed. If the Company has not regained compliance by the expiration of the initial 180 calendar days, Nasdaq will then provide written notification to the Company that its ordinary shares are subject to delisting. At that time, the Company may appeal Nasdaq’s delisting determination to a Nasdaq Listing Qualifications Panel.

For more information please contact info@nymox.com or 800-936-9669.

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Nymox, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the need for new options to treat BPH and prostate cancer, the potential of Fexapotide to treat BPH and prostate cancer and the estimated timing of further developments for Fexapotide. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development program, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical drug development process, including the regulatory approval process, the timing of Nymox's regulatory filings, Nymox's substantial dependence on Fexapotide, Nymox's commercialization plans and efforts and other matters that could affect the availability or commercial potential of Fexapotide. Nymox undertakes no obligation to update or revise any forward looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Nymox in general, see Nymox's current and future reports filed with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2021, and its Quarterly Reports.

For Further Information Contact:
Randall Lanham
Nymox Pharmaceutical Corporation 1-800-93NYMOX
www.nymox.com

FAQ

What is the current market value of Nymox Pharmaceutical Corporation (NYMX)?

As of the last notice, Nymox is below the required minimum market value of $35 million.

What action did NASDAQ take against Nymox Pharmaceutical Corporation?

NASDAQ issued a deficiency notice stating Nymox does not meet its minimum market value requirement.

How long does Nymox have to regain NASDAQ compliance?

Nymox has until May 17, 2023, to regain compliance.

What happens if Nymox does not comply with NASDAQ requirements?

If Nymox does not comply, the company may face delisting from NASDAQ.

Can Nymox appeal a delisting decision from NASDAQ?

Yes, Nymox can appeal a delisting determination to a NASDAQ Listing Qualifications Panel.