SCNI - InvestorNewsBreaks - Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Releases Status Report on NASDAQ Compliance
Scinai Immunotherapeutics (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, has received a letter from the NASDAQ Stock Market. Dated Nov. 1, 2023, the letter is regarding SCNI’s noncompliance with the market’s requirement to maintain a minimum bid price of $1 per share. According to the report, Scinai has an initial period of 180 calendar days to regain compliance; that period ends on April 29, 2024. The company will be notified if compliance has been achieved any time during that period. Scinai will closely monitor the closing bid price of its American Depository Shares (“ADSs”) and may consider implementing available options to regain compliance with the minimum bid price requirement. In addition, the company noted that, as disclosed on Oct. 31, 2023, its primary creditor, the European Investment Bank, is considering favorably adjusting the terms of its financial facility contract with the company, specifically 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,” stated the announcement. “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.”
To view the full press release, visit https://ibn.fm/K7fjl
About Scinai Immunotherapeutics Ltd.
Scinai Immunotherapeutics 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 along with 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 and platforms beginning with an innovative nanosized VHH antibody, or NanoAb, pipeline targeting diseases with large unmet medical needs. For more information, visit the company’s website at www.Scinai.com.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://ibn.fm/SCNI
About InvestorWire
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer
InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
Editor@InvestorWire.com
InvestorWire is powered by IBN