BALTIMORE - MyMD Pharmaceuticals, Inc. (NASDAQ:MYMD), a clinical stage biopharmaceutical company, announced Monday that it has successfully regained compliance with Nasdaq's minimum bid price requirement, ensuring its continued listing on the Nasdaq Capital Market.
The company had previously been notified on October 11, 2023, by Nasdaq's Listing Qualifications Department that it was not meeting the minimum closing bid price of $1.00 for 30 consecutive business days as required by the Nasdaq Listing Rule 5550(a)(2). In response, MyMD executed a 1-for-30 reverse stock split of its common shares on February 14, 2024. Trading on a split-adjusted basis commenced the following day under a new CUSIP number.
To achieve compliance, MyMD's common stock needed to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days, a requirement which was satisfied on March 1, 2024.
MyMD Pharmaceuticals is focused on developing therapies for age-related diseases, autoimmune, and inflammatory conditions. Its primary drug platform, MYMD-1, aims to regulate the immune system and control chronic inflammation by targeting TNF-α and other cytokines. MYMD-1 is under development to potentially delay aging and treat autoimmune diseases. The company's second platform, Supera-CBD, is a synthetic derivative of cannabidiol (CBD), in development for chronic pain, addiction, and epilepsy treatment.
This announcement is based on a press release statement from MyMD Pharmaceuticals, Inc.
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