WARREN, N.J., Nov. 29, 2023 (GLOBE NEWSWIRE) -- Timber Pharmaceuticals, Inc. ("Timber" or the "Company") (NYSE American: TMBR), a clinical-stage biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases, today announced that the staff of NYSE Regulation (the "NYSE Regulation") has determined to immediately suspend trading in the Company's common stock from NYSE American, LLC (the "NYSE American").
As previously disclosed, the NYSE Regulation notified Timber on November 21, 2023 that, as a result of the voluntary bankruptcy petitions filed under Chapter 11 of the United States Bankruptcy Code by the Company and certain of its subsidiaries on November 17, 2023, it would commence delisting proceedings of Timber's common stock from the NYSE American pursuant to Section 1003(c)(iii) of the NYSE American Company Guide. The Company did not appeal the determination. As a result, trading of the Company's common stock was suspended at the opening of business on November 29, 2023.
Also on November 29, 2023, a Form 25-NSE was filed with the Securities and Exchange Commission ("SEC"), which will remove the Company's securities from listing and registration on the NYSE American. Once the delisting from the NYSE American takes effect, the Company's common stock is expected to begin trading on the over-the counter ("OTC") market. On the OTC market, shares of the Company's common stock, which previously traded on the NYSE American under the symbol "TMBR", are expected to trade under the symbol "TMBRQ".
About Timber Pharmaceuticals, Inc.
Timber Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases. The Company's investigational therapies have proven mechanisms-of-action backed by decades of clinical experience and well-established CMC (chemistry, manufacturing, and control) and safety profiles. The Company is initially focused on developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI) and sclerotic skin diseases. For more information, visit www.timberpharma.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the delisting of the Company's common stock, the outcome of the Company's Chapter 11 case, the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, intellectual property rights, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential, "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as well as other documents filed by the Company from time to time thereafter with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, contact:
Timber Pharmaceuticals, Inc.
John Koconis
Chairman and Chief Executive Officer
jkoconis@timberpharma.com
