BVXV - BiondVax gets Nasdaq non-compliance notice; files for stock offering

BiondVax Pharmaceuticals ( NASDAQ: BVXV ) said received a letter from Nasdaq for not being in compliance with the exchange's rule of minimum $2.5M in stockholders' equity for continued listing on the Nasdaq Capital Market,

The company noted that the letter was based on an Aug. 29 regulatory filing which disclosed information for the period ended June 30, showing that the shareholders' equity was ~$1.28M and that BiondVax did not meet the alternatives of market value of listed securities or net income from continued operations.

The Israeli company said in a Sept. 30 press release that it has 45 calendar days to submit a plan to Nasdaq to regain compliance.

In addition, BiondVax said it filed a registration statement, Form F-1, with the U.S. Securities and Exchange Commission (SEC) for a public offering of its American Depositary Shares (ADSs).

"While the decision to pursue an offering was made in advance of the letter of non-compliance, we are optimistic that the offering's successful conclusion will address the deficiency and put the issue behind us. To be prudent we will pursue additional measures in parallel, consistent with our proactive approach to restructuring our loan from the European Investment Bank, as previously announced," said BiondVax CEO Amir Reichman.

BVXV +7.68% to $0.70 premarket Sept. 30

For further details see: