Trevena Announces Receipt of Nasdaq Delisting Notification
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.
Trevena (Nasdaq: TRVN), un'azienda biofarmaceutica focalizzata sui disturbi del SNC, ha annunciato il 4 ottobre 2024 di aver ricevuto una notifica di delisting dal pane di udienza del Nasdaq. Il delisting è dovuto al mancato rispetto del requisito minimo di patrimonio netto degli azionisti secondo la Regola di Quotazione 5550(b)(1) del Nasdaq. Il trading delle azioni ordinarie di Trevena su Nasdaq sarà sospeso a partire dall'8 ottobre 2024.
L'azienda si aspetta che le sue azioni ordinari inizino a essere scambiate sul Pink Open Market (pink sheets) gestito da OTC Markets Group. Tuttavia, Trevena avverte che non c'è alcuna garanzia che un broker continuerà a fare mercato sulle azioni dell'azienda o che il trading continuerà su un mercato over-the-counter o altrove.
Trevena (Nasdaq: TRVN), una compañía biofarmacéutica enfocada en trastornos del SNC, anunció el 4 de octubre de 2024 que recibió una notificación de deslistado del Panel de Audiencias de Nasdaq. El deslistado se debe al incumplimiento de Trevena con el requisito mínimo de patrimonio de los accionistas según la Regla de Cotización 5550(b)(1) de Nasdaq. La negociación de las acciones comunes de Trevena en Nasdaq será suspendida a partir del 8 de octubre de 2024.
La compañía espera que sus acciones comunes comiencen a negociarse en el Pink Open Market (pink sheets) operado por OTC Markets Group. Sin embargo, Trevena advierte que no hay ninguna garantía de que un corredor continuará haciendo mercado en las acciones de la compañía o que la negociación continuará en un mercado extrabursátil o en otro lugar.
트레베나(Trevena) (Nasdaq: TRVN), 중추 신경계 질환에 초점을 맞춘 생물제약 회사가 2024년 10월 4일 나스닥 청문회 패널로부터 상장폐지 통지를 받았다고 발표했습니다. 상장폐지의 원인은 트레베나가 나스닥 상장 규칙 5550(b)(1)에 따른 최소 주주 자본 요건을 준수하지 않았기 때문입니다. 트레베나의 보통주는 2024년 10월 8일부터 거래가 중단될 예정입니다.
회사는 보통주가 OTC 마켓 그룹이 운영하는 핑크 오픈 마켓 (핑크 시트)에서 거래되기 시작할 것으로 예상하고 있습니다. 그러나 트레베나는 회사 주식에 대한 시장을 계속 유지할 브로커가 있을지, 또는 거래가 장외시장 또는 다른 곳에서 계속될 것인지에 대해 확신할 수 없다고 경고합니다.
Trevena (Nasdaq: TRVN), une société biopharmaceutique spécialisée dans les troubles du système nerveux central, a annoncé le 4 octobre 2024 avoir reçu une notification de radiation du panel d'audiences du Nasdaq. La radiation est due au non-respect par Trevena de l'exigence minimale de capitaux propres des actionnaires selon la règle d'inscription 5550(b)(1) du Nasdaq. Le trading des actions ordinaires de Trevena sur le Nasdaq sera suspendu à partir du 8 octobre 2024.
La société s'attend à ce que ses actions ordinaires commencent à être négociées sur le Pink Open Market (pink sheets) géré par OTC Markets Group. Cependant, Trevena met en garde qu'il n'y a aucune garantie qu'un courtier continuera à réaliser un marché sur les actions de l'entreprise ou que la négociation se poursuivra sur un marché de gré à gré ou ailleurs.
Trevena (Nasdaq: TRVN), ein biopharmazeutisches Unternehmen, das sich auf Erkrankungen des zentralen Nervensystems konzentriert, gab am 4. Oktober 2024 bekannt, dass es eine Delisting-Benachrichtigung vom Nasdaq-Ausschuss erhalten hat. Die Delisting erfolgt wegen der Nichteinhaltung der minimalen Eigenkapitalanforderungen für Aktionäre gemäß der Nasdaq Listing-Regel 5550(b)(1). Der Handel mit den Stammaktien von Trevena an der Nasdaq wird ab dem 8. Oktober 2024 eingestellt.
Das Unternehmen erwartet, dass seine Stammaktien im Pink Open Market (pink sheets) gehandelt werden, der von der OTC Markets Group betrieben wird. Trevena warnt jedoch, dass keine Garantie besteht, dass ein Broker weiterhin einen Markt für die Aktien des Unternehmens machen oder dass der Handel auf einem außerbörslichen Markt oder anderswo fortgesetzt wird.
- None.
- 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
Insights
The delisting of Trevena from Nasdaq is a significant negative development for the company and its shareholders. This move typically indicates severe financial distress and can have far-reaching consequences:
- Reduced liquidity and potentially lower stock prices as institutional investors may be restricted from holding OTC stocks
- Decreased visibility and analyst coverage, making it harder to attract new investors
- Challenges in raising capital, which is important for a biopharmaceutical company focused on drug development
- Potential breach of debt covenants or other agreements that require Nasdaq listing
The failure to meet the minimum stockholder's equity requirement suggests serious financial challenges. Moving to the pink sheets is often seen as a last resort before potential bankruptcy. Investors should be extremely cautious and carefully evaluate the company's ability to continue operations and fund its drug development pipeline.
The delisting notification raises several legal and compliance concerns:
- Potential shareholder lawsuits alleging failure to maintain listing requirements or inadequate disclosure
- Increased regulatory scrutiny, particularly regarding financial reporting and corporate governance
- Possible violations of existing contracts or agreements that require Nasdaq listing
- Need for enhanced disclosure and reporting to maintain transparency in the OTC market
Trevena must now navigate complex legal and regulatory landscapes to ensure compliance with OTC market rules and SEC regulations. The company should prioritize transparent communication with shareholders about its plans to address financial issues and potentially regain a major exchange listing in the future. Failure to do so could result in further legal complications and erosion of investor trust.
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?
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