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XTL Announces Receipt of Staff Delist Determination from Nasdaq and Plans to Request Hearing
Globenewswire· 2026-02-27 21:30
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].
XTL Update on Recent Developments
Globenewswire· 2026-01-29 21:05
Core Viewpoint - XTL Biopharmaceuticals Ltd. is actively working to finalize the acquisition of 85% of NeuroNOS Ltd. from Beyond Air Inc. and has scheduled a shareholders meeting to approve a private placement of up to US$2 million [1][2]. Group 1: Acquisition and Financial Strategy - The company has executed a Binding Letter of Intent on January 13, 2026, for the acquisition of NeuroNOS Ltd. [1] - The completion of this acquisition and the private placement is expected to address the company's deficiency under Nasdaq Listing Rule 5550(b)(1), which requires a minimum of $2,500,000 in stockholders' equity [2]. - A shareholders meeting is set for February 17, 2026, to approve the private placement [1]. Group 2: Company Overview - XTL Biopharmaceuticals Ltd. holds 100% of The Social Proxy Ltd. and has an intellectual property portfolio that includes hCDR1 for Lupus (SLE) and Sjögren's Syndrome (SS) [3]. - The company is focused on strategic collaborations and acquisitions to enhance its therapeutic portfolio in high-value disease areas [3]. - XTL trades on the Nasdaq Capital Market and the Tel Aviv Stock Exchange [3].
XTL Announces Receipt of Nasdaq Notification Regarding Minimum Stockholders' Equity Deficiency
Globenewswire· 2026-01-23 21:10
Core Viewpoint - XTL Biopharmaceuticals Ltd. has received a notification from Nasdaq indicating that it does not meet the continued listing requirement of maintaining a minimum of $2,500,000 in stockholders' equity, reporting a deficit of $47,000 as of June 30, 2025 [1][2]. Group 1: Nasdaq Notification - The notification does not lead to immediate delisting of the Company's American Depositary Shares (ADSs), which will continue to trade under the symbol "XTLB" [2]. - The Company has 45 calendar days, until March 6, 2026, to submit a plan to regain compliance, with the possibility of an extension of up to 180 days if the plan is accepted [2]. Group 2: Compliance Efforts - XTL is currently evaluating options to regain compliance with Nasdaq's continued listing requirements and intends to make reasonable efforts to achieve this [3]. - There is no assurance that the Company will successfully regain compliance with the listing requirements [3]. Group 3: Company Overview - XTL Biopharmaceuticals Ltd. is an IP Portfolio company that holds 100% of The Social Proxy Ltd. and has an IP portfolio including hCDR1 for Lupus (SLE) and Sjögren's Syndrome (SS) [4]. - The Company actively seeks strategic collaborations and acquisitions to expand its therapeutic portfolio into high-value disease areas [4].