NLS Pharmaceutics receives staff delisting determination letter from Nasdaq

NLS Pharmaceutics announces that on April 17, it received a determination letter from the staff of the Listing Qualifications Department of The Nasdaq Stock Market notifying the company of the Staff’s determination that, unless the company timely requests a hearing before a Nasdaq Hearings Panel, the company’s securities would be subject to delisting from The Nasdaq Capital Market due to the company’s failure to maintain at least a $1 bid price per share over the course of 30 consecutive business days, as set forth in Nasdaq Listing Rule 5550(a)(2). Accordingly, the company intends to timely request a hearing before the Panel. The hearing request will stay any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. At the hearing, the company intends to present a plan to achieve compliance with the bid price requirement, as well as any other applicable Nasdaq listing requirements, and to request that the Panel allow the company additional time to regain such compliance. However, there can be no assurance that the Panel will grant the company’s request for an extension or that the company will ultimately regain compliance with all applicable requirements for continued listing.