Scinai Immunotherapeutics Announces Receipt of Nasdaq Delisting Notification and Appeal
The Board has Approved a Ratio Change of the ADSs to Non-traded Ordinary Shares (equivalent to a reverse split) Designed to Regain Compliance
JERUSALEM, May 6, 2024 /PRNewswire/ — Scinai Immunotherapeutics Ltd. (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 that it had had received a staff determination letter (the “Letter”) on April 30, 2024 from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, due to the Company’s non-compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”), 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 (the “Panel”).