BioPharmX Announces NYSE American Acceptance of Plan To Regain Listing Compliance
MENLO PARK, Calif., Nov. 16, 2018 /PRNewswire/ -- BioPharmX Corporation (NYSE American: BPMX) (the "Company"), a specialty pharmaceutical company developing products for the dermatology market, announced that on November 1, 2018, NYSE Regulation accepted the Company's plan to regain compliance with the NYSE American LLC ("NYSE American") continued listing standards set forth in Sections 1003(a)(iii) of the NYSE American Company Guide. NYSE Regulation has reviewed the Company's compliance plan and has granted a plan period through September 24, 2019.
As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on November 2, 2018, the Company was notified on September 24, 2018, by NYSE American that the Company was not in compliance with Section 1003(a)(iii) related to stockholders' equity requirements. The Company reported stockholders' equity of $4.3 million as of July 31, 2018 and net losses in its five most recent fiscal years ended January 31, 2018.
This notice from NYSE Regulation has no immediate impact on the listing of the Company's common stock on the NYSE American and the stock will continue to be listed and traded on the NYSE American during the cure period, subject to the Company's compliance with the NYSE American's other applicable continued listing standards. The Company's stock symbol "BPMX" will be assigned a ".BC" indicator by the NYSE American to signify that the Company currently is not in compliance with the NYSE American's continued listing standards. During which time the Company will be subject to periodic review to determine whether the Company is making progress consistent with the accepted plan. If the Company does not make progress consistent with the plan during the plan period, NYSE American may initiate delisting proceedings as appropriate.
