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.”
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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
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