Scinai Immunotherapeutics Announces Receipt of a Nasdaq Staff Determination Letter Regarding Shareholders’ Equity listing requirements and Hearing to Present a Plan for Regaining Compliance
JERUSALEM, May 24, 2024 /PRNewswire/ — Scinai Immunotherapeutics Ltd. (the “Company”) (NASDAQ: SCNI), a biopharmaceutical company focused on developing inflammation and immunology (I&I) biological products and on providing CDMO services through its Scinai Bioservices business unit, today announced the receipt of an additional Nasdaq Staff determination letter regarding noncompliance with the minimum shareholders’ equity required for continued listing and a hearing with the Nasdaq Hearings Panel (the “Hearings Panel”) to present a plan for the Company to regain compliance (the “Plan”). Based on discussions with the European Investment Bank (the “EIB”), one of the components of the Plan could include conversion of a part of the Company’s loan from the EIB into equity on terms the Company considers favorable to the Company and its shareholders.