XORTX Announces 180-Day Extension to Regain Compliance with Nasdaq Minimum Bid Price Deficiency
24 Maio 2023 - 8:00AM
XORTX Therapeutics Inc. ("
XORTX" or the
“
Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt:
ANU), a late-stage clinical pharmaceutical company focused on
developing innovative therapies to treat progressive kidney
disease, announces that on May 23, 2023 it received a notice (the
“Extension Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”)
granting the Company’s request for a 180-day extension to regain
compliance with the minimum bid price requirement (“Minimum Bid
Requirement”) of US$1.00 per share under the Nasdaq Rule
5550(a)(2). The Company was first notified by Nasdaq of its failure
to comply with the Minimum Bid Requirement on November 22, 2022,
and was given until May 22, 2023 to regain compliance. The Company
now has until November 20, 2023 to meet the requirement (the
“Second Compliance Period”).
If at any time during the Second Compliance
Period, the closing bid price of the Company's common shares is at
least $1 per share for at least a minimum of 10
consecutive business days, Nasdaq will provide the Company with
written notification that the Company has achieved compliance with
the Minimum Bid Requirement and will consider deficiency matters
closed. If compliance with the Minimum Bid Price Requirement cannot
be demonstrated by November 20, 2023, Nasdaq will provide
written notification that the Company's common shares will be
delisted. At that time, the Company may appeal Nasdaq's
determination to a Nasdaq Hearings Panel (the “Panel”). The Company
would remain listed pending the Panel’s decision. There can be no
assurance that if the Company does appeal a subsequent delisting
determination, that such appeal would be successful. Accordingly,
there can be no assurance that the Company will be able to regain
compliance with the Minimum Bid Price Requirement or maintain its
listing on The Nasdaq Capital Market.
The Company is also listed on the TSX Venture
Exchange and the notification letter does not affect the Company’s
compliance status with such listing.
The Company intends to evaluate all available
options to resolve the deficiency and regain compliance with Nasdaq
Rule 5550(a)(2).
About XORTX Therapeutics
Inc.
XORTX is a pharmaceutical company with two
clinically advanced products in development: 1) our lead, XRx-008
program for ADPKD; and 2) our secondary program in XRx-101 for
acute kidney and other acute organ injury associated with
Coronavirus / COVID-19 infection. In addition, XRx-225 is a
pre-clinical stage program for Type 2 Diabetic Nephropathy. XORTX
is working to advance its clinical development stage products that
target aberrant purine metabolism and xanthine oxidase to decrease
or inhibit production of uric acid. At XORTX, we are dedicated to
developing medications to improve the quality of life and future
health of patients. Additional information on XORTX is available at
www.xortx.com.
For more
information, please contact: |
|
|
|
Allen Davidoff, CEO |
Nick Rigopulos, Director of Communications |
adavidoff@xortx.com or +1 403 455 7727 |
nick@alpineequityadv.com or +1 617 901 0785 |
|
|
Media Inquiries, David Melamed, Ph.D. |
|
david.melamed@russopartnersllc.com or +1 212 845
4225 |
Neither the TSX Venture Exchange nor Nasdaq has
approved or disapproved the contents of this news release. No stock
exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Forward Looking Statements
This press release
contains express or implied forward-looking statements pursuant to
Canadian and U.S. federal securities laws. These forward-looking
statements and their implications are based on the current
reasonable expectations of the management of XORTX only, and are
subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. Forward-looking statements in this
press release include, but are not limited to, statements related
to the Company’s ability to regain compliance with the Nasdaq’s
listing requirements and to maintain its listing on The Nasdaq
Capital Market. Except as otherwise required by law, XORTX
undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. More detailed information about the risks and uncertainties
affecting XORTX is contained in the Company’s most recently filed
Annual Information Form and the Management Discussion and Analysis
for its most recent financial reporting period filed on the
Company’s SEDAR profile (www.sedar.com) and under the heading “Risk
Factors” in XORTX’s annual report on Form 20-F filed with the
United States Securities and Exchange Commission (“SEC”) available
on the SEC's website, www.sec.gov.
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