Core Viewpoint - Scinai Immunotherapeutics Ltd. is facing compliance issues with Nasdaq regarding minimum shareholders' equity and bid price requirements, prompting the company to present a plan to regain compliance at an upcoming hearing [1][4][5]. Group 1: Compliance Issues - The company received a determination letter from Nasdaq indicating non-compliance with the minimum shareholders' equity requirement of $2,500,000, reporting a deficit of $4,569,000 as of December 31, 2023 [4][5]. - The company also faces a deficiency regarding the minimum bid price requirement of $1.00 per share, having implemented a reverse split of its American Depositary Shares (ADSs) to address this issue [3][5]. - A hearing with the Nasdaq Hearings Panel is scheduled for June 18, 2024, to discuss both compliance matters [5][6]. Group 2: Proposed Plan - The company is considering converting part of its loan from the European Investment Bank (EIB) into equity as part of its plan to regain compliance [1][2]. - Any revised terms of the finance contract with the EIB will require formal approval and negotiation of definitive agreements [2]. Group 3: Company Overview - Scinai Immunotherapeutics Ltd. focuses on developing inflammation and immunology biological products and offers CDMO services through its Scinai Bioservices unit [1][7]. - The company is working on a pipeline of nanosized VHH antibodies (NanoAbs) targeting diseases with significant unmet medical needs [7].
Scinai Immunotherapeutics Announces Receipt of a Nasdaq Staff Determination Letter Regarding Shareholders' Equity listing requirements and Hearing to Present a Plan for Regaining Compliance