Adamis Pharmaceuticals Announces Receipt of Deficiency Letter from NASDAQ
29 May 2021 - 6:04AM
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP), a
biopharmaceutical company developing and commercializing specialty
products for respiratory disease, allergy and opioid overdose (the
“Company”), today announced that, as expected, on May 25, 2021, it
received a standard notification letter (the “Notice”) from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
(“NASDAQ”) notifying the Company that, because the Company did not
timely file its Quarterly Report on Form 10-Q for the period ended
March 31, 2021 (the “Filing” or the “Form 10-Q”), the Company is no
longer in compliance with NASDAQ Marketplace Rule 5250(c)(1), which
requires timely filing of periodic reports with the Securities and
Exchange Commission (the “SEC”).
The Notice also indicated that the Company has 60 calendar days
to submit a plan to regain compliance and, if NASDAQ accepts the
plan, NASDAQ can grant an exception of up to 180 calendar days from
the Filing’s due date to regain compliance. The Company may regain
compliance at any time during this 180-day period upon filing with
the SEC its Form 10-Q, as well as all subsequent required periodic
financial reports that are due within that period. If NASDAQ does
not accept the Company’s plan, the Company will have the
opportunity to appeal that decision to a NASDAQ Hearings Panel. The
Notice was issued in accordance with standard NASDAQ procedures and
has no immediate effect on the listing of the Company’s common
stock on the NASDAQ Capital Market.
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, opioid overdose, respiratory and inflammatory disease. The
company’s SYMJEPI (epinephrine) Injection products are approved by
the FDA for use in the emergency treatment of acute allergic
reactions, including anaphylaxis. Adamis’ naloxone injection
product candidate, ZIMHI, for the treatment of opioid overdose, is
currently under FDA review. Adamis is developing additional
products, including treatments for acute respiratory diseases, such
as COVID-19, influenza, asthma, and COPD. The company’s subsidiary,
USC, compounds sterile prescription drugs, and certain nonsterile
drugs for human and veterinary use by hospitals, clinics, surgery
centers, and vet clinics throughout most of the United States. For
additional information about Adamis Pharmaceuticals, please visit
www.adamispharmaceuticals.com.
Adamis Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements with respect to the expected
timing for the filing of the Form 10-Q and our ability to regain
compliance with the NASDAQ continued listing standards. These
forward-looking statements are based upon information that is
currently available to us and our current expectations, speak only
as of the date hereof, and are subject to numerous risks and
uncertainties, including those related to our ability to file the
Form 10-Q before the time period specified in the Notice and
our ability to regain compliance with the NASDAQ continued listing
standards. These factors, together with those that are
described in our filings with the SEC, including our Annual
Report on Form 10-K for the year ended December 31, 2020, and
our subsequent filings with the SEC, may cause our actual
results, performance or achievements to differ materially and
adversely from those anticipated or implied by our forward-looking
statements. Further, any forward-looking statement speaks only as
of the date on which it is made, and we expressly disclaim any
obligation, except as required by law, or undertaking to update or
revise any such forward-looking statements.
Contact:
Adamis Investor RelationsRobert UhlManaging DirectorWestwicke
ICR 619.228.5886robert.uhl@westwicke.com
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