Allarity receives extension from Nasdaq Hearings Panel to regain compliance

Allarity Therapeutics announced that the Company has been granted a formal extension until April 24, 2024 to regain compliance under Nasdaq Listing Rules 5550(a)(2) and 5550(b)(1) or any of the alternative requirements in Listing Rule 5550(b). The granting of the extension follows a proactive effort by the Company to address compliance deficiencies and the presentation of a strategic plan to the Nasdaq Hearings Panel on February 1, 2024. The plan contained both immediate and sustained measures aimed at ensuring compliance with both the Bid Price Rule and the Equity Rule. To ensure compliance with the rules of The Nasdaq Capital Market by April 24, 2024, or sooner, the Company is working towards achieving a stockholders’ equity of at least $2.5 million and a minimum bid price of $1.00 per share or more for a minimum of 10 consecutive business days. The plan presented encompasses a series of decisive steps, including a comprehensive review and reduction of operating costs, the potential conversion of existing liabilities, and the pursuit of additional capital through separate sources of short-term and longer-term strategic financing. This multifaceted plan is currently being implemented and not only aims to meet Nasdaq’s immediate compliance requirements but also to strengthen the Company’s general financial position and operational efficiency.