Quoin Pharmaceuticals (NASDAQ:QNRX) stock is soaring 93% in morning trading today. The jump comes after the drug maker disclosed that it was withdrawing share offerings that it had said it would undertake just 17 days ago.
On June 14, Quoin, in an SEC form, stated that it would “sell up to $100,000,000” of QNRX stock “from time to time.” The company noted that its share offerings could come in the form of “American Depositary Shares [ADSs] … warrants to purchase ordinary shares represented by ADSs, subscription rights, [or] debt securities.”
In a separate SEC form filed yesterday, however, Quoin asked the SEC to cancel its previous announcement. In other words, the firm disclosed that it had decided not to offer any additional shares at this time.
A Deficiency Notice Hit QNRX Stock
On June 15, Quoin disclosed that, five days earlier, it had received a “deficiency notice” from the Nasdaq exchange. The exchange issued the notice because QNRX stock had failed to maintain a bid price of at least $1, in accordance with Nasdaq’s rules. Quoin reported that it had been given “180 calendar days, or until December 7, 2022, to regain compliance” with the rule. However, the firm noted that it could receive additional time to comply.
The company concentrates on developing “treatments for rare and orphan diseases.” Two of its drugs have reached the clinical stage. QRX003 is being tested to determine if it is a viable treatment for Netherton Syndrome, while QRX004 is being evaluated to find out if it can become a treatment for Epidermolysis Bullosa.
Founded in 2018, Quoin currently has just four full-time employees, according to Yahoo Finance.
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On the publication date, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.