NetworkNewsBreaks – Scinai Immunotherapeutics Lt
Post# of 75
(Total Views: 90)
Posted On: 06/07/2024 5:03:14 PM
NetworkNewsBreaks – Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Regains Compliance with Nasdaq Listing Rule 5550(a)(2)
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.
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 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.
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
(0)
(0)Scanner Tech Corp (SCNI) Stock Research Links
Scroll down for more posts ▼