Sunday, January 14, 2018 5:25:26 PM
Nasdaq doesn’t permit stock to be traded below $1.00 per share. If a stock falls below that line, the management of that company is given a timeframe to do something about it. If they fail, they are delisted. Tenax has been trading below $1.00 for about a year now, and its timeframe is about to expire. To regain compliance, before March 12 the price of Teanx stock must close at $1.00 per share or more for a minimum of 10 consecutive business days. In order to reach that level and to avoid delisting, Tenax management is planning a reverse stock split.
But will this measure really be necessary? Well, it’s all a question of timing. As everybody knows, there is a dynamic company in Scotland, UK, that operates fully independent from Tenax. I’m speaking of Aurum Biosciences (www.aurumbiosciences.com), the Glasgow based brain imaging company, which recently announced that it is going to take Oxycyte, a drug supplied by Tenax, into a clinical phase 2a trial soon. But how soon? Aurum says, that the trial will be launched in Q1 2018, that would mean before the end of March. That information seems a little bit vague, however. If this means before the end of February, then the announcement of the trial would come out as great news and boost the Tenax stock considerably. In this case, no reverse split will be needed. On the other hand, if Aurum starts its trial later in March, then a reverse split is inevitable.
It is obvious that Tenax management does not have more a clue about the exact date of the phase 2a trial then this discussion board does. If this were not so, they would announce the trial at once instead of preparing for their third reverse split. Seems that the sturdy Scotsmen from Glasgow don't like the wilted Tenax boys too much and therefore don't tell them nothing. But the reverse split question is anyway insignificant. What counts is not the clumsy way Tenax is muddling along, but what Aurum and the Scotsmen doe.
We should therefore not care so much about the reverse stock split and the exact date of the beginning of the trial but - probably in about half a year - about the outcome of that very promising phase 2a study announced by Aurum (www.aurumbiosciences.com). That's the only thing that counts - for Oxycte, for the Tenax stock, for its shareholders and for all dear members of this so very lively board.
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