SCNI - InvestorNewsBreaks - Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Receives Notification from NASDAQ of Regained Compliance with Stockholders' Equity Rule
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, and providing end-to-end boutique CDMO services, has regained compliance with NASDAQ listing rules regarding minimum stockholders' equity. The company received formal notification of the status from NASDAQ. According to the announcement, NASDAQ indicated that the exchange had determined that SCNI complies with listing rule 5550(b)(1), which requires listed companies to maintain a minimum $2.5 million in stockholders' equity, based on the content of the company's Form 6-K. The company intends to continue to comply with the listing rule based on a revised financial facility contract with the European Investment Bank ("EIB") extending the maturity of the EIB's loan from 2027 to 2031; a recent change of the company's functional currency from NIS to USD to better reflect the company's new business strategy; and an updated assessment by an external appraisal of Scinai's weighted average cost of capital (“WACC”) to 35%; the company anticipates that this new WACC will be incorporated in its financial statements for the year ending Dec. 31, 2023. The company noted that it has received a letter regarding noncompliance with an additional NASDAQ listing requirement to maintain a minimum bid price of $1 per share. The letter is only a notification of deficiency and has no immediate effect on the listing or trading of the company's American Depository Shares (“ADSs”).
To view the full press release, visit https://ibn.fm/UABte
About Scinai Immunotherapeutics Ltd.
Scinai Immunotherapeutics is a biopharmaceutical company with two complementary business units: in-house development of inflammation and immunology (“I&I”) biological products beginning with an innovative, derisked, pipeline of nanosized VHH antibodies (NanoAbs) targeting diseases with large unmet medical needs; and a comprehensive CDMO service to help biotech companies bring their products to market efficiently and effectively by leveraging Scinai's GMP and non-GMP drug development and manufacturing capabilities for preclinical and clinical studies. 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
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