Virpax Pharmaceuticals Receives Nasdaq Panel Decision, Granted Listing Continuation with Conditions

On January 6, 2025, Virpax Pharmaceuticals, Inc. announced in a Form 8-K filing that it had received a decision from the Nasdaq Hearings Panel regarding its listing on The Nasdaq Stock Market. The Panel granted the Company’s request to continue its listing, subject to specific conditions outlined in the decision.

The Nasdaq Hearings Panel’s decision provides Virpax Pharmaceuticals with an exception until April 1, 2025, to demonstrate compliance with Nasdaq Listing Rule 5550(b)(1), also known as the Equity Rule, which mandates a minimum stockholders’ equity of $2.5 million. The Company’s compliance plan, which was reviewed by the Panel, includes recent and planned fundraising activities, cost-cutting measures, and strategies for achieving compliance with the Equity Rule.

As part of the conditions set forth in the Panel’s decision, Virpax Pharmaceuticals is required to make public disclosures by April 1, 2025, detailing the transactions and financial measures taken to regain compliance. Additionally, the Company must provide income projections and evidence of compliance with all applicable Nasdaq listing criteria.

Virpax Pharmaceuticals is currently under a bid price grace period, which extends until April 2, 2025, to address its non-compliance with the Nasdaq minimum closing bid price requirement, also known as the Bid Price Rule. The Company has scheduled a shareholder meeting on January 15, 2025, to seek approval for a reverse stock split, aiming to achieve compliance with the Bid Price Rule by February 11, 2025.

The Company is actively taking steps to address the conditions outlined in the Nasdaq decision and remains confident in its ability to meet all applicable requirements within the specified timelines.

Included as part of the Form 8-K filing is an Exhibit (Exhibit No. 104) – Cover Page Interactive Data File (embedded within the Inline XBRL document), as required.

Virpax Pharmaceuticals expressed optimism regarding its ability to navigate through the current challenges and work towards ensuring compliance with the Nasdaq listing requirements within the given timeframe.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Virpax Pharmaceuticals’s 8K filing here.

About Virpax Pharmaceuticals

Virpax Pharmaceuticals, Inc, a preclinical-stage pharmaceutical company, develops various drug-delivery systems and drug-releasing technologies focused on advancing non-opioid and non-addictive pain management treatments and treatments for central nervous system disorders. Its preclinical stage product candidates include Epoladerm, a topical spray film delivery technology for osteoarthritis pain; Probudur, an injectable local anesthetic liposomal gel technology for postoperative pain management; and Envelta, a nanotechnology-based intranasal spray drug product candidate that enables the delivery of a metabolically labile peptide drug into the brain.