Eyenovia Receives Delisting Notice from Nasdaq Due to Low Stock Price

Eyenovia, Inc. (Nasdaq:EYEN) recently disclosed in an 8-K filing that it has received a notification from Nasdaq regarding the delisting of its common stock due to a significant drop in price. The notification, received on December 12, 2024, stated that as of December 11, 2024, Eyenovia’s common stock had a closing bid price of $0.10 or less for 10 consecutive trading days.

This action follows a prior notice from Nasdaq to Eyenovia on September 18, 2024, where the company was informed that the bid price for its common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market. Eyenovia was given until March 17, 2025, to regain compliance with this requirement.

As a result of the stock price falling below the threshold outlined in the Low Priced Stocks Rule, Nasdaq has decided to delist Eyenovia’s securities from The Nasdaq Capital Market, making the Bid Price Cure Period unavailable. Nonetheless, Eyenovia has the right to appeal this determination by December 19, 2024, and plans to do so before a panel, known as the Hearings Panel.

To address the listing deficiencies, Eyenovia filed a preliminary proxy statement on December 12, 2024, for a Special Meeting of Stockholders scheduled for January 21, 2025. Among the proposals up for consideration is the approval of a reverse stock split, aimed at increasing the trading price of the company’s common stock to meet Nasdaq’s listing requirements.

Despite these actions, Eyenovia cannot guarantee a positive outcome from the appeal process or the potential reverse stock split. The company highlighted in its filing that forward-looking statements involve risks, uncertainties, and assumptions that may lead to actual results differing from those anticipated. Eyenovia also mentioned its commitment to update stakeholders on any material changes as required by law.

This challenging situation underscores Eyenovia’s efforts to navigate the complexities surrounding its stock listing and underscores the importance of strategic decisions in maintaining compliance and shareholder confidence.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Eyenovia’s 8K filing here.

About Eyenovia

Eyenovia, Inc, an ophthalmic technology company, engages in the development of therapeutics based on its proprietary microdose array print platform technology. The company's product candidates include MicroPine, which is in Phase III clinical development program with indications for pediatric myopia progression (near-sightedness); MicroLine, which is in Phase III clinical development program with indications for the improvement in near vision in people with presbyopia; and Mydcombi, which is in Phase III clinical development program with indications for pharmaceutical mydriasis.