XTL Announces Receipt of Staff Delist Determination from Nasdaq and Plans to Request Hearing

Core Viewpoint - XTL Biopharmaceuticals Ltd. is facing potential delisting from Nasdaq due to its classification as a "public shell" and lack of an operating business, following the liquidation of its subsidiary, The Social Proxy [1][2]. Group 1: Delisting Notification - The Nasdaq Listing Qualifications Department has notified XTL that continued listing of its American Depositary Shares (ADSs) is not warranted based on its current status [1]. - The company intends to appeal the delisting process by requesting a hearing, which will temporarily stay the suspension of its ADSs pending the decision [1][4]. Group 2: Financial Compliance Issues - The company has been notified of non-compliance with the minimum stockholders' equity requirement of $2,500,000 and the minimum bid price rule of $1 for its ADSs [3]. - These compliance issues serve as additional grounds for the potential delisting of the ADSs from Nasdaq [3]. Group 3: Subsidiary Liquidation - The company's wholly owned subsidiary, The Social Proxy, has filed for insolvency, leading to a court-ordered liquidation and the appointment of a trustee [2]. - This development has contributed to the belief that XTL no longer has an operating business, raising concerns about market abuses related to its ADSs [2]. Group 4: Company Overview - XTL Biopharmaceuticals Ltd. holds an intellectual property portfolio, including hCDR1 for Lupus and Sjögren's Syndrome, and is actively pursuing strategic collaborations and acquisitions [5].