Full Press Release Details
Nasdaq Hearings Panel Grants Therapix Biosciences Extension to Regain Compliance With Listing Requirements
TEL AVIV, Israel, April 28, 2020 /PRNewswire/ -- Therapix
Biosciences Ltd. (Nasdaq: TRPX) (the "Company"), a specialty, clinical-stage pharmaceutical company focusing on the
development of cannabinoid-based treatments announced today that on April 8, 2020, it received notice that the Nasdaq Hearings
Panel (the "Panel") granted the Company an extension until May 18, 2020, to regain compliance with the minimum $2,500,000
stockholders' equity requirement for continued listing on Nasdaq, as set forth in Nasdaq Listing Rule 5550(b)(1) (the "Stockholders'
Equity Requirement").
Further, effective April 16, 2020, in response to the
COVID-19 pandemic, and the resulting related market conditions, Nasdaq has elected to provide temporary relief from the continued
listing bid price, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule") and market value of publicly
held shares listing requirements ("Price-Based Requirements"), by tolling compliance through June 30, 2020 (the "Tolling
Period"). As a result, companies presently in compliance periods for any Price-Based Requirements, will remain at that same
stage of the process immediately after the Tolling Period, starting July 1, 2020.
Accordingly, upon reinstatement of the Price-Based Requirements,
the Company will have until November 5, 2020, to regain compliance with the Bid Price Rule. In order to evidence compliance with
the Bid Price Rule, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10 consecutive trading
days (at any time, during or after the Tolling Period).
The Company is diligently working to evidence compliance with
both the Bid Price Rule and Stockholders' Equity Rule; however, there can be no assurance that it will be able to do demonstrate
compliance and satisfy Nasdaq's conditions for continued listing.
About Therapix Biosciences
Therapix Biosciences Ltd. is a specialty clinical-stage
pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is creating and enhancing a portfolio
of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following
drug development programs based on tetrahydrocannabinol (THC) and/or non-psychoactive cannabidiol (CBD): THX-110 for the treatment
of Tourette syndrome and for the treatment of obstructive sleep apnea; THX-160 for the treatment of pain; and THX-210 for the
treatment of autism spectrum disorder and epilepsy. Please visit our website for more information at www.therapixbio.com, the
content of which is not a part of this press release.
Forward Looking Statements:
This press release contains forward-looking statements
within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. For example, the Company is using forward-looking statements when it discusses plans to regain compliance
with each of Nasdaq's Stockholders' Equity Requirement and its Bid Price Rule. Because such statements deal with future
events and are based on the Company's current expectations, they are subject to various risks and uncertainties and actual results,
performance or achievements of the Company could differ materially from those described in or implied by the statements in this
press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties,
including those discussed under the heading "Risk Factors" the Company's Annual Report on Form 20-F filed with the SEC
on May 15, 2019, and in subsequent filings with the SEC. Except as otherwise required by law, the Company disclaims any intention
or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a
result of new information, future events or circumstances or otherwise.