Quoin Pharmaceuticals (NASDAQ:QNRX) the stock soared 93% in morning trading today. The jump comes after the drugmaker revealed it was withdrawing equity offerings it announced it would undertake just 17 days ago.
On June 14, Quoin, in an SEC form, said he would “sell up to $100,000,000” of QNRX stock “from time to time.” The company noted that its stock offerings could be in the form of “American Depositary Shares [ADSs] … warrants for ordinary shares represented by ADSs, subscription rights, [or] debt securities”.
In a separate SEC form filed yesterday, however, Quoin asked the SEC to reverse its earlier announcement. In other words, the company revealed that it has decided not to offer any additional shares at this time.
Deficiency notice hit QNRX stock
On June 15, Quoin revealed that, five days earlier, he had received a “deficiency notice” from the Nasdaq swap. The exchange issued the notice because QNRX stock had failed to maintain a bid price of at least $1, in accordance with Nasdaq rules. Quoin said he was given “180 calendar days, or until December 7, 2022, to regain compliance” with the rule. However, the company noted that it could benefit from additional time to comply.
The company is focused on developing “treatments for rare and orphan diseases”. Two of its drugs have reached the clinical stage. QRX003 is being tested to see if it is a viable treatment for Netherton syndrome, while QRX004 is being evaluated to see if it can become a treatment for epidermolysis bullosa.
Founded in 2018, Quoin currently has just four full-time employees, according to Yahoo funds.
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As of the date of publication, Larry Ramer had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.