NLS Pharmaceutics announces Nasdaq acceptance of plan to regain compliance

NLS Pharmaceutics announced that it has been notified by the Listing Qualifications Department of the Nasdaq Stock Market that the Company’s plan to regain compliance submitted on February 23, 2024 has been approved. On January 9, 2024, NLS received a letter from the Listing Qualifications staff of Nasdaq Stock Market notifying the Company that it was no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2,500,000. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company had been granted a period of 180 calendar days to regain compliance with the minimum bid price requirement. Upon the expiration of that grace period, on February 23, 2024, NLS submitted the Company’s plan, on time, to regain compliance with Nasdaq Listing Rule 5550(b)(1). On March 7, 2024, the Listing Qualifications Department of Nasdaq notified NLS that they had accepted the plan submitted and the Company has been afforded an additional 180 day calendar days from the date of the letter, or until July 8, 2024, to evidence compliance.