Alzamend Neuro granted extension by Nasdaq panel to regain compliance

Alzamend Neuro announced that it received notice from the Nasdaq Hearings Panel of The Nasdaq Stock Market, which granted Alzamend’s request for continued listing on The Nasdaq Capital Market, subject to Alzamend’s satisfaction of the minimum $1.00 bid price requirement by November 15, 2023. The Hearings Panel granted Alzamend the extension based upon Alzamend’s representations that it would, on or before September 29, 2023 obtain stockholder approval for and effect a reverse stock split at a ratio between 1:2 and 1:20 and on or before November 1, 2023, effect a reverse stock split, and thereafter maintain a $1.00 closing bid price for a minimum of ten consecutive business days. “We are pleased that Nasdaq has granted us this extension and intend to take the necessary steps to regain compliance with Nasdaq’s minimum bid price requirement,” said Stephan Jackman, Chief Executive Officer of Alzamend. “Our annual stockholder meeting is set for September 29, 2023, at which time we expect our stockholders will approve a reverse stock split. Presuming stockholder approval, we intend to expeditiously implement the split to maintain our Nasdaq listing.”