Scinai Immunotherapeutics Provides Update Regarding Nasdaq Compliance
03 Novembre 2023 - 9:30PM
via IBN –
Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI), a
biopharmaceutical company focused on developing, manufacturing, and
commercializing innovative inflammation and immunology (I&I)
biological products primarily for the treatment of autoimmune and
infectious diseases, today announced receipt of a letter from the
Nasdaq Stock Market ("Nasdaq") dated November 1, 2023, regarding
non-compliance with the requirement to maintain a minimum bid price
of $1.00 per share.
The November 1st letter indicates that, based on
the closing bid price of the Company's ADSs for the last
thirty-three consecutive business days, the company does not meet
this requirement. In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company has been provided an initial period of
180 calendar days to regain compliance. The letter states that the
Nasdaq staff will provide written confirmation that the Company has
achieved compliance with Rule 5550(a)(2) if at any time before the
180-day period ends on April 29, 2024, the closing bid price of the
Company's ADSs is at $1.00 per share or more for a minimum of ten
consecutive business days. Scinai intends to monitor the closing
bid price of its ADSs and may, if appropriate, consider
implementing available options to regain compliance with the
Minimum Bid Price Requirement.
The November 1st letter is in addition to the
previously disclosed receipt of deficiency letter dated May 1,
2023, from Nasdaq notifying the Company that it is not in
compliance with the minimum stockholders’ equity requirement for
continued listing on the Nasdaq Capital Market.
As disclosed on October 31, 2023, Scinai’s
primary creditor, the European Investment Bank (EIB), is currently
considering favorably adjusting the terms of the EIB’s financial
facility contract with the Company, in particular by extending the
facility’s maturity. As a result of the potential extension, the
Company expects a positive impact on Scinai’s shareholders’ equity,
which could enable the Company to restore compliance with Nasdaq
Listing Rules regarding minimum shareholders’ equity, subject to
the discretion of Nasdaq. There is no guarantee that the EIB will
approve the adjustment of the terms of the EIB’s financial
facility.
The Nasdaq letters are only notifications of
deficiency and have no immediate effect on the listing or trading
of the Company's American Depository Shares ("ADSs").
About Scinai Immunotherapeutics
Ltd.Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI) is a
biopharmaceutical company focused on developing, manufacturing, and
commercializing innovative inflammation and immunology (I&I)
biological products primarily for the treatment of autoimmune and
infectious diseases. With a state-of-the-art facility for
biopharmaceutical product development and manufacturing and highly
experienced pharmaceutical industry leadership, Scinai offers
end-to-end boutique CDMO services in parallel to developing its own
pipeline of diversified and commercially viable products beginning
with an innovative nanosized VHH antibody (NanoAb) pipeline
targeting diseases with large unmet medical needs. Company website:
www.scinai.com.
Company ContactInvestor
Relations | +972 8 930 2529 | ir@scinai.com
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Litigation Reform Act of 1995. Words such as
"expect," "believe," "intend," "plan," "continue," "may," "will,"
"anticipate," and similar expressions are intended to identify
forward-looking statements. All statements, other than statements
of historical facts, included in this press release regarding
strategy, future operations, future financial position, future
revenue, projected expenses, prospects, plans and objectives of
management are forward-looking statements. Examples of such
statements include, but are not limited to, statements regarding
the adjustments to the terms of the EIB’s facility to the Company
and compliance with the Nasdaq Listing Rules. These forward‑looking
statements reflect management's current views with respect to
certain current and future events and are subject to various risks,
uncertainties and assumptions that could cause the results to
differ materially from those expected by the management of Scinai
Immunotherapeutics Ltd. Risks and uncertainties include, but are
not limited to, the risk that the EIB will not agree to adjust the
terms of its financial facility to the Company, that the Company’s
ADSs will not return to compliance with the Nasdaq Listing Rules,
that Scinai may not be able to secure additional capital on
attractive terms, if at all; the risk that the therapeutic and
commercial potential of NanoAbs will not be met; the risk of a
delay in the preclinical and clinical trials data for NanoAbs, if
any; the risk that our business strategy may not be successful; the
risk that the European Investment Bank (EIB) may accelerate the
financial facility under its finance contract with Scinai; Scinai's
ability to acquire rights to additional product opportunities;
Scinai's ability to enter into collaborations on terms acceptable
to Scinai or at all; timing of receipt of regulatory approval of
Scinai’s manufacturing facility in Jerusalem, if at all or when
required; the risk that the manufacturing facility will not be able
to be used for a wide variety of applications and other vaccine and
treatment technologies; and the risk that drug development involves
a lengthy and expensive process with uncertain outcomes. More
detailed information about the risks and uncertainties affecting
the Company is contained under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on April 17, 2023. Scinai undertakes no
obligation to revise or update any forward-looking statement for
any reason.
Corporate Communications:InvestorBrandNetwork
(IBN)Los Angeles,
Californiawww.InvestorBrandNetwork.com310.299.1717
OfficeEditor@InvestorBrandNetwork.com
Scinai Immunotherapeutics (NASDAQ:SCNI)
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