aibioNasdaq panel delists Avenue Therapeutics; stock moves to OTC on March 19, 2025
Tickers ATXI
The company failed to meet Nasdaq's $2,500,000 stockholders' equity rule by the panel's deadline. Trading moves to the OTC Markets under the ATXI symbol.
Key facts
- Company
- Avenue Therapeutics, Inc. (OTC: ATXI)
- News type
- Listings
- Primary source
- Avenue Therapeutics, Inc. 8-K (2025-03-17)
The Nasdaq Hearings Panel has decided to delist the common stock of Avenue Therapeutics, Inc., and trading on Nasdaq will be suspended at the open on March 19, 2025, the company said in a Form 8-K filed March 17, 2025.
Avenue had been in violation of Nasdaq Listing Rule 5550(b)(1), which requires companies on The Nasdaq Capital Market to maintain stockholders' equity of at least $2,500,000. Stockholders' equity is a company's assets minus its liabilities.
On November 26, 2024, Nasdaq staff sent Avenue a delist letter. The company requested a hearing and won an exception to stay listed, subject to conditions. One condition was that by March 14, 2025 it had to publicly describe any transactions it had made to increase its equity. Because Avenue did not regain compliance as the panel required, the panel moved to delist it.
The company expects Nasdaq to file a Form 25-NSE with the SEC to remove the stock from listing and registration. In the meantime, the stock is expected to start trading under its current symbol "ATXI" on the OTC Markets system from the market open on March 19, 2025.
Avenue said it plans to continue filing its required reports with the SEC. It gave no assurance that broker-dealers will keep quoting the stock or that trading volume will be sufficient for an efficient market.