Tenax Therapeutics Inc., a pharmaceutical company based in Morrisville, North Carolina, was notified by the NASDAQ that its stock could be delisted unless it meets the minimum requirement of $1 per share.
According to a Sept. 12 filing with the Securities and Exchange Commission, Tenax has until March 12, 2018, to regain compliance or be delisted.
Tenax’s stock fell below $1 on Jan. 31 after the company announced the unsuccessful Phase 3 trial of the heart medication LEVO-CTS.
The company was initially given until Sept. 11, 2017, to meet the minimum requirement but was granted a second compliance period because Tenax met all other NASDAQ requirements.
Tenax shares opened at 33 cents Wednesday, up 1 cent from Monday’s close.
The company’s stock price is not available for Tuesday.
The company released earnings for the 2016 fiscal year on March 21. Tenax reported a net loss of $44 million, an increase from the $15.9 million net loss in 2015.