# EDGAR Filing Document

**Accession Number:** 0001354457
**File Stem:** 0001354457-25-000988
**Filing Date:** 2025-10
**Character Count:** 7406
**Document Hash:** b28ae28c0625c2ba2ab0d698a001c9db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001354457-25-000988.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001354457-25-000988

**CONFORMED SUBMISSION TYPE**: 25-NSE

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZyVersa Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001859007
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 862685744
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41184

**BUSINESS ADDRESS:**
- **STREET 1:** 2200 N. COMMERCE PARKWAY
- **STREET 2:** SUITE 208
- **CITY:** WESTON
- **STATE:** FL
- **ZIP:** 33326
- **BUSINESS PHONE:** 908-370-5102

**MAIL ADDRESS:**
- **STREET 1:** 2200 N. COMMERCE PARKWAY
- **STREET 2:** SUITE 208
- **CITY:** WESTON
- **STATE:** FL
- **ZIP:** 33326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Larkspur Health Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210426
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nasdaq Stock Market LLC
- **CENTRAL INDEX KEY:** 0001354457

**ORGANIZATION NAME:**
- **EIN:** 521165937
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE

**BUSINESS ADDRESS:**
- **STREET 1:** One Liberty Plaza
- **CITY:** New York
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 301-978-4144

**MAIL ADDRESS:**
- **STREET 1:** Office of General Counsel
- **STREET 2:** 805 King Farm Blvd.
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** The Nasdaq Stock Market LLC
- **DATE OF NAME CHANGE:** 20060224

## Exhibit 99.25

```

Delisting Determination, The Nasdaq Stock Market, LLC, September 18, 2025,
ZyVersa Therapeutics, Inc.
The Nasdaq Stock Market LLC (the Exchange) has determined to remove
from listing the common stock of ZyVersa Therapeutics, Inc.
effective at the opening of the trading session on October 16, 2025.
Based on review of information provided by the Company, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rule 5550(a)(2).The Company was
notified of the Staff determination on May 27, 2025.
On June 3, 2025 the Company exercised its right to appeal
the Staff determination to the Listing Qualifications Hearings
Panel (Panel) pursuant to Listing Rule 5815.
On July 8, 2025, the hearing was held.
On July 11, 2025 the Panel reached a
decision and a Decision letter was issued on July 15 2025.
On July 15, 2025 the Panel reached a decision
and decided to suspend the Company from the Exchange.
The Panel denied the Company request for an exception
to complete its compliance plan. The Company
was initially listed on the Exchange in 2022.
Since that time it had repeatedly failed to maintain
compliance with the Exchange Bid Price Rule.
As noted by the Exchange Staff in its pre-hearing submission,
on December 5, 2023, the Company implemented a 1-for-35 reverse stock
split which resulted in a closing bid price above one dollar
for only three consecutive trading days.
Between December 5, 2023, and April 25, 2024, the closing bid price met
or exceeded the one dollar bid price requirement for only 8
trading days. On April 26, 2024, the Company implemented
a 1-for-10 reverse stock split which
enabled the Company to maintain compliance with the Bid Price Rule
for just one year, until the Company was cited for the
Excessive Reverse Stock Split Rule
on May 23, 2025, leading to the
current appeal.
While the Company outlined what it believed were positive clinical
developments that would aid in
maintaining compliance with the Bid Price Rule, the Panel was skeptical
that this positive news and
funding would be enough to allow for long-term compliance with
the Exchange Listing Rules. The
CEO believes the positive developments will support the stock
price in the long-term, but the Panel
had doubts that the anticipated equity and debt financing would not
have a negative impact on share
price. Furthermore, the Panel did not believe a RSS is a solution
for long-term compliance. The Panel did not believe the Company
had articulated a plan that warrants an exception.
The Company common stock was suspended on July 17, 2025. The
Staff determination to delist the Company security
became final on August 29, 2025.

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 25

### NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

**Commission File Number:** 001-41184

|  |  |
|:---|:---|
| Issuer:                                                                                                             | ZyVersa Therapeutics, Inc.                                  |
| Exchange:                                                                                                           | Nasdaq Stock Market LLC                                     |
| (Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered) |  |
| Address:                                                                                                            | 2200 N. Commerce Parkway, Suite 208, Weston, FLORIDA, 33326 |
| Telephone number:                                                                                                   | (754) 231-1688                                              |
| (Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)   |  |
| (Description of class of securities)                                                                                | Common Stock                                                |

---

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

- [ ] 17 CFR 240.12d2-2(a)(1)
- [ ] 17 CFR 240.12d2-2(a)(2)
- [ ] 17 CFR 240.12d2-2(a)(3)
- [ ] 17 CFR 240.12d2-2(a)(4)
- [x] Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.
- [ ] Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

---

Pursuant to the requirements of the Securities Exchange Act of 1934, Nasdaq Stock Market
LLC certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing the Form 25 and has caused this notification to be signed on its
behalf by the undersigned duly authorized person.

| Date       | By   | Name          | Title            |
|:---|:---|:---|:---|
| 2025-10-06 |  | Aravind Menon | Hearings Advisor |

Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR
240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.