Allena Pharmaceuticals (ALNA) received notice from Nasdaq that its shares will be suspended

Allena Pharmaceuticals (NASDAQ: ALNA) disclosed:

As previously reported, on August 23, 2022, Allena Pharmaceuticals, Inc. (the "Company") received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that (i) the Company has not regained compliance with its requirement to maintain a minimum closing bid price of $1.00 per share for the required period (the “Minimum Bid Price Requirement”), and (ii) failure to regain compliance with the Minimum Bid Price Requirement serves as a basis for delisting the Company’s securities from The Nasdaq Capital Market unless the Company timely requests a hearing before a Nasdaq Hearings Panel (the "Panel").

On August 30, 2022, the Company requested a hearing before the Panel, which temporarily stayed the suspension of trading and delisting of the Company’s common stock.

On September 2, 2022, after considering all strategic alternatives, the Company filed a voluntary petition for relief under the provisions of Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. The bankruptcy case is being administered under the caption In re Allena Pharmaceuticals, Inc. (Case No. 22-10842).

In light of the Chapter 11 filing, the Company withdrew its request for a hearing. On September 6, 2022, the Company received notice from Nasdaq that its shares will be suspended at the open of business on September 8, 2022. Nasdaq is expected to file a Form 25 Notification of Delisting with the Securities Exchange Commission when all internal appeal periods have run.

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