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Posted On: 05/06/2024 5:02:21 PM
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NetworkNewsBreaks – Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Announces Nasdaq Delisting Notification and Appeal, ADS Ratio Change
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 today announced that it has received a staff determination letter on April 30, 2024, from the Listing Qualifications Department of the Nasdaq Stock Market LLC. In the letter, Nasdaq notified the company that, due to its non-compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), the company’s American Depositary Shares (“ADSs”) would be scheduled for delisting from the Nasdaq Capital Market and would be suspended for trading at the opening of business on May 7, 2024, unless the company timely requests a hearing before an independent Nasdaq Hearings Panel. Scinai appealed the delisting determination and requested a hearing before the panel. In addition, the company also announced that its board of directors has approved a ratio change of the ADSs to its non-traded ordinary shares, increasing the number of ordinary shares represented by each ADS from 400 to 4,000, which is equivalent to a reverse split of 1 for 10. No action is required by the holders of the ADSs to affect the ratio change, and no fractional new ADSs will be issued in connection with the change in ADS ratio.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://nnw.fm/SCNI
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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 today announced that it has received a staff determination letter on April 30, 2024, from the Listing Qualifications Department of the Nasdaq Stock Market LLC. In the letter, Nasdaq notified the company that, due to its non-compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), the company’s American Depositary Shares (“ADSs”) would be scheduled for delisting from the Nasdaq Capital Market and would be suspended for trading at the opening of business on May 7, 2024, unless the company timely requests a hearing before an independent Nasdaq Hearings Panel. Scinai appealed the delisting determination and requested a hearing before the panel. In addition, the company also announced that its board of directors has approved a ratio change of the ADSs to its non-traded ordinary shares, increasing the number of ordinary shares represented by each ADS from 400 to 4,000, which is equivalent to a reverse split of 1 for 10. No action is required by the holders of the ADSs to affect the ratio change, and no fractional new ADSs will be issued in connection with the change in ADS ratio.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://nnw.fm/SCNI
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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