Delisting Determination, The Nasdaq Stock Market, LLC, September 18, 2025,
ZyVersa Therapeutics, Inc.
The Nasdaq Stock Market LLC (the Exchange) has determined to remove
from listing the common stock of ZyVersa Therapeutics, Inc.
effective at the opening of the trading session on October 16, 2025.
Based on review of information provided by the Company, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rule 5550(a)(2).The Company was
notified of the Staff determination on May 27, 2025.
On June 3, 2025 the Company exercised its right to appeal
the Staff determination to the Listing Qualifications Hearings
Panel (Panel) pursuant to Listing Rule 5815.
On July 8, 2025, the hearing was held.
On July 11, 2025 the Panel reached a
decision and a Decision letter was issued on July 15 2025.
On July 15, 2025 the Panel reached a decision
and decided to suspend the Company from the Exchange.
The Panel denied the Company request for an exception
to complete its compliance plan. The Company
was initially listed on the Exchange in 2022.
Since that time it had repeatedly failed to maintain
compliance with the Exchange Bid Price Rule.
As noted by the Exchange Staff in its pre-hearing submission,
on December 5, 2023, the Company implemented a 1-for-35 reverse stock
split which resulted in a closing bid price above one dollar
for only three consecutive trading days.
Between December 5, 2023, and April 25, 2024, the closing bid price met
or exceeded the one dollar bid price requirement for only 8
trading days. On April 26, 2024, the Company implemented
a 1-for-10 reverse stock split which
enabled the Company to maintain compliance with the Bid Price Rule
for just one year, until the Company was cited for the
Excessive Reverse Stock Split Rule
on May 23, 2025, leading to the
current appeal.
While the Company outlined what it believed were positive clinical
developments that would aid in
maintaining compliance with the Bid Price Rule, the Panel was skeptical
that this positive news and
funding would be enough to allow for long-term compliance with
the Exchange Listing Rules. The
CEO believes the positive developments will support the stock
price in the long-term, but the Panel
had doubts that the anticipated equity and debt financing would not
have a negative impact on share
price. Furthermore, the Panel did not believe a RSS is a solution
for long-term compliance. The Panel did not believe the Company
had articulated a plan that warrants an exception.
The Company common stock was suspended on July 17, 2025. The
Staff determination to delist the Company security
became final on August 29, 2025.