Evaxion granted 180-day compliance extension by Nasdaq as it restores equity above minimum requirement

Core Points - Evaxion Biotech A/S has received a 180-day extension from Nasdaq to comply with the minimum stockholder's equity requirement, which is now set to May 12, 2025 [1][2] - The company has successfully restored its equity above the $2.5 million minimum through the exercise of prefunded warrants and sales of American Depositary Shares, securing a total of$7.8 million [3][9] - Discussions are ongoing with the European Investment Bank regarding the conversion of €3.5 million of a €7 million loan into equity, which is expected to increase equity by approximately $3.7 million upon completion [4][9] - The CEO of Evaxion expressed confidence in the company's strengthened equity and cash position, as well as ongoing interest in potential partnerships and business development agreements [5][9] Financial Position - Evaxion has restored its equity above the Nasdaq minimum requirement through various financial maneuvers, extending its cash runway until the fourth quarter of 2025 [3][9] - The company has secured additional cash and equity amounting to$7.8 million, which has significantly improved its financial standing [3][9] Compliance Efforts - Following a deficiency letter from Nasdaq in May 2024, Evaxion presented a compliance plan and was granted an initial extension, which expired in November 2024 [7] - After appealing the delisting determination, Evaxion successfully obtained another extension from Nasdaq after a hearing in January 2025 [8]