Why PLx Pharma Shares Are Down Over 40% Tuesday

PLx Pharma Inc PLXP shares are trading lower by 44.95% to $0.20 Tuesday morning after the company said as a result of receiving a written notice from Nasdaq Listing Qualifications department, unless it requests an appeal of Nasdaq determination its common stock will be suspended from Nasdaq Capital Market on April 13, 2023.

Per an SEC filing, PLx Pharma says the company at this time does not intend to appeal Nasdaq’s determination. As a result, it is expected that the company’s common stock will be delisted from the Nasdaq Stock Market as set forth in the April Notice.

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According to data from Benzinga Pro, PLXP has a 52-week high of $3.86 and a 52-week low of $0.11.