SCNI - Scinai Immunotherapeutics Provides Update Regarding Nasdaq Compliance | Benzinga
JERUSALEM, Nov. 03, 2023 (GLOBE NEWSWIRE) -- 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 ...