Avenue Therapeutics Faces Delisting Notice

TL;DR

AVTX got a delisting notice, stock might be in trouble.

AI Summary

Avenue Therapeutics, Inc. filed an 8-K on March 29, 2024, reporting a notice of delisting or failure to satisfy continued listing rules as of March 26, 2024. The company is incorporated in Delaware and its principal executive offices are located in Bay Harbor Islands, Florida.

Why It Matters

This filing indicates potential delisting from a stock exchange, which could significantly impact the liquidity and valuation of Avenue Therapeutics' stock.

Risk Assessment

Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.

Key Numbers

• 001-38114 — Commission File Number (Identifies the company's SEC filings)
• 47-4113275 — IRS Employer Identification No. (Company's tax identification number)

Key Players & Entities

• Avenue Therapeutics, Inc. (company) — Registrant
• March 26, 2024 (date) — Date of earliest event reported
• March 29, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of Incorporation
• Bay Harbor Islands, Florida (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $1.00 — Company's common stock had closed below $1.00 per share for 30 consecutive business d

Filing Documents

• atxi20240326c_8k.htm (8-K) — 23KB
• 0001437749-24-010044.txt ( ) — 152KB
• atxi-20240326.xsd (EX-101.SCH) — 3KB
• atxi-20240326_def.xml (EX-101.DEF) — 11KB
• atxi-20240326_lab.xml (EX-101.LAB) — 15KB
• atxi-20240326_pre.xml (EX-101.PRE) — 11KB
• atxi20240326c_8k_htm.xml (XML) — 3KB

01

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed, on September 27, 2023, the Company was notified by the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") that the bid price for the Company's common stock had closed below $1.00 per share for 30 consecutive business days and, as a result, the Company no longer satisfied Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a 180-calendar day grace period to regain compliance with the Bid Price Rule, through March 25, 2024. The Company did not regain compliance with the Bid Price Rule by March 25, 2024, and, accordingly, on March 26, 2024, the Staff issued a delist determination with respect to the deficiency, as required by the Nasdaq Listing Rules. Notwithstanding, and as previously disclosed, on February 15, 2024, the Company attended a hearing before the Nasdaq Hearings Panel (the "Panel"), at which the Company presented its plan to evidence compliance with both the minimum stockholders' equity requirement set forth in Nasdaq Listing Rule 5550(b)(2) (the "Equity Rule") as well as the Bid Price Rule (together with the Bid Price Rule, the "Rules"). By decision dated March 11, 2024, the Panel granted the Company's request for an extension through May 20, 2024, to demonstrate compliance with the Rules; accordingly, the Staff's March 26, 2024, notice has no immediate impact on the Company's listing at this time. The Company is considering all options available to it to regain compliance with the Rules; however, there can be no assurance that the Company will be able to do so.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AVENUE THERAPEUTICS, INC. (Registrant) Date: March 29, 2024 By: /s/ David Jin David Jin Interim Principal Financial Officer and Chief Operating Officer

View Full Filing

View this 8-K filing on SEC EDGAR