Eyenovia (NASDAQ:EYEN), Inc., a pharmaceutical company specializing in eye therapies, has been notified by Nasdaq that its stock price has fallen below the minimum required for continued listing on The Nasdaq Capital Market. The company's common stock, traded under the ticker EYEN, closed below the $1.00 per share threshold for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
The notice, received on Monday, does not immediately affect Eyenovia's listing, allowing the company to trade as usual. Eyenovia has until December 30, 2024, to regain compliance by having its stock close at $1.00 or higher for at least 10 consecutive business days.
If Eyenovia fails to meet this requirement by the deadline, it may be granted an additional 180 days to comply, provided it meets other market standards and notifies Nasdaq of its plans to address the shortfall.
In the event that Eyenovia cannot correct the deficiency or is deemed ineligible for an extension, Nasdaq will issue a delisting notification. The company would have the opportunity to appeal this decision, although there is no guarantee that Nasdaq will allow the company to maintain its listing.
Eyenovia has expressed its intent to monitor its share price closely and explore options to regain compliance with Nasdaq's requirements. However, forward-looking statements regarding the company's ability to meet the minimum bid price or maintain compliance with Nasdaq's standards are uncertain and subject to change.
The information in this article is based on a press release statement from Eyenovia, Inc. and does not include any assumptions or predictions by the author.
In other recent news, NovaBay Pharmaceuticals and Eyenovia have initiated a co-promotion partnership, actively promoting NovaBay's Avenova and Eyenovia's MydCombi to large ophthalmic surgery centers. Concurrently, NovaBay is preparing the market for Eyenovia's upcoming launch of Clobetasol Propionate Ophthalmic Suspension, an innovative treatment for postoperative inflammation and pain, expected to be available in August 2024.
Eyenovia recently announced its Q1 2024 financial results, revealing a net loss of $10.9 million with unrestricted cash reserves of $8 million, and licensing agreements with Arctic Vision that have generated $16 million.
Eyenovia is also collaborating with SGN Nanopharma for potential dry eye treatment and is making progress in commercializing MydCombi. The company's increased net loss compared to the previous year is due to a significant rise in operating expenses, including repatriation costs.
Eyenovia is dependent on the success of Gen 2 for a more efficient cost structure and profitability, with a data readout for MicroPine expected in Q4 2024. These recent developments underline the company's journey towards profitability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.