PLXP PLx Pharma Inc

As previously disclosed, on October 3, 2022, PLx Pharma Inc. (the “Company”) received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying it that, for a period of 30 consecutive business days, the bid price of its common stock had closed below the minimum of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until April 3, 2023, to regain compliance with the minimum bid requirement. On April 4, 2023, the Company received notice from Nasdaq (the “April Notice”) that Nasdaq had determined that the Company had not regained compliance with the Rule and is not eligible for a second 180 day period. Specifically, Nasdaq noted that the Company’s estimated pro-forma equity as of March 31, 2023 was below the $5 million initial listing requirement of The Nasdaq Capital Market based on its burn rate of approximately $4.25 million per month. The April Notice also stated that the Company had not yet filed its Form 10-K for the period ended December 31, 2022, meaning that the Company no longer complies with Nasdaq Listing Rule 5250(c)(1).

As a result, unless the Company requests an appeal of Nasdaq’s determination pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series, trading of the Company’s common stock will be suspended from The Nasdaq Capital Market at the opening of business on April 13, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. The Company does not intend to appeal Nasdaq’s determination and, therefore, it is expected that the Company’s common stock will be delisted from the Nasdaq Stock Market as set forth in the April Notice.