NLS Pharmaceutics receives Nasdaq minimum bid price notification

NLS Pharmaceutics announced that it had received a written notice from The Nasdaq Stock Market LLC, indicating that the Company was not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2), which requires listed companies to maintain a minimum bid price of $1.00 per share. 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 December 6, 2022, NLS received an additional written notice from the Nasdaq Staff that the bid price issue provides a separate basis for delisting of the Company’s common shares. Accordingly, the Company has been afforded an opportunity to provide a further update to the Nasdaq Hearings Panel in connection with its ongoing listing review. In that regard, at its prior hearing before the Panel, the Company provided its plan for regaining compliance with the bid price requirement, notwithstanding the fact that the Company remained in a grace period at the time of the hearing. The Company’s plan for addressing the bid price issue that was presented at the hearing has not changed and the Company intends to provide a further update to the Panel as permitted. As previously announced on November 14, 2022, following the hearing before the Panel, on November 11, 2022, the Panel granted the Company an extension through February 28, 2023, subject to certain milestones, to regain compliance with all applicable requirements for continued listing on The Nasdaq Capital Market. The Panel considered the Company’s plan for addressing the bid price issue in rendering that decision.