Scinai Immunotherapeutics (NASDAQ: SCNI) is a biopharmaceutical company focused on developing inflammation and immunology (“I&I”) biological products and providing CDMO services through its Scinai Bioservices business unit. The company announced today that on June 5, 2024, it received a formal notification from the Listing Qualification Department of the Nasdaq Stock Market that it has regained compliance with the minimum $1.00 bid price requirement outlined in Nasdaq Listing Rule 5550(a)(2). The notification further stated that Scinai remains non-compliant with the equity requirement in Listing Rule 5550(b)(1) or any of the alternative requirements under Listing Rule 5550(b). Accordingly, on June 18, 2024, a hearing will be held as scheduled. The company noted that it continues to work with the European Investment Bank (“EIB”) to convert a significant portion of the loan owed by the company to equity, on terms Scinai considers favorable, to regain compliance with Nasdaq minimum shareholders’ equity requirement. With these discussions advancing, the company believes it will be able to include the potential conversion as a key component of its plan to regain compliance to be presented to the Hearings Panel.
To view the full press release, visit https://ibn.fm/WTfRx
About Scinai Immunotherapeutics Ltd.
Scinai is a biopharmaceutical company with two complementary business units. One is focused on in-house development of inflammation and immunology (“I&I”) biological therapeutic products beginning with an innovative, de-risked pipeline of nanosized VHH antibodies (“NanoAbs”) targeting diseases with large unmet medical needs. The second business unit is a boutique CDMO providing biological drug development, analytical methods development, clinical GMP manufacturing, and pre-clinical and clinical trial design and execution services to early stage biotech companies. 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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