Why PLx Pharma Shares Are Nosediving Today

PLx Pharma PLXP shares are trading lower after the company announced it received a NASDAQ delisting notice.

What Happened: On Tuesday, PLx Pharma released an announcement that the Nasdaq is not giving the company another 180-day period to comply with its listing rules. Shares of PLXP stock will be delisted on Thursday.

The Details: On Oct. 3, 2022, the company announced that it was notified by the listing qualifications department, determining it was intending to delist the company. The department cited a period of 30 consecutive days where PLx closing below $1.00 per share. Additionally, the company failed to file its form 10k for the period ending Dec 31, 2022.

The company announced it does not intend to appeal the NASDAQ’s determination.

PLx Pharma Inc. is a commercial-stage drug delivery platform technology company focused on improving how and where active pharmaceutical ingredients are absorbed in the gastrointestinal tract via its clinically validated and patent protected PLxGuard™ technology.

According to data from Benzinga Pro, PLx Pharma shares were down 9.96%, trading at $0.11 at the time of publication. The stock has a 52-week high of $3.84 and a 52-week low of $0.11