Affimed Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement

Rhea-AI Summary

Affimed N.V. (Nasdaq: AFMD) announced that it has received a notice from Nasdaq regarding non-compliance with the Minimum Bid Price Rule, as the bid price of its common shares has been below $1.00 for thirty consecutive business days as of April 4, 2023. The company has a 180-day grace period until October 2, 2023, to regain compliance. If unsuccessful, Affimed may apply to transfer its shares to the Nasdaq Capital Market, granting an additional 180 days until April 1, 2024, to meet the requirement. Currently, the notice does not affect the listing or trading of the company's common shares. Affimed is dedicated to monitoring its share price and exploring options to comply with Nasdaq regulations.

Positive

• Affimed has a 180-day period to regain compliance with Nasdaq's Minimum Bid Price Rule.
• The company can apply for an additional 180-day compliance period by transferring to the Nasdaq Capital Market.

Negative

• Bid price has been below $1.00 for thirty consecutive business days, triggering the compliance notice.
• Uncertainty about eligibility for extension if compliance is not regained.

HEIDELBERG, Germany, April 06, 2023 (GLOBE NEWSWIRE) -- Affimed N.V. (Nasdaq: AFMD), a clinical-stage immuno-oncology company committed to giving patients back their innate ability to fight cancer, announced today that it has received a written notice (the “Notice”), dated April 4, 2023, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, for the last thirty consecutive business days, the bid price for the Company’s common shares had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”).

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until October 2, 2023, to regain compliance. If the Company fails to regain compliance with the Minimum Bid Price Rule during this period, the Company may consider applying to transfer its securities from The Nasdaq Global Select Market to The Nasdaq Capital Market, provided that the Company meets the applicable market value of publicly held shares required for continued listing and all other applicable requirements for initial listing on The Nasdaq Capital Market (except for the bid price requirement). Such transfer would provide the Company with an additional 180 calendar days, or until April 1, 2024, to regain compliance. There can be no assurance that the Company would be eligible for the additional 180 calendar day compliance period, if applicable, or that the Nasdaq staff would grant the Company’s request for continued listing.

The Notice has no immediate effect on the listing or trading of the Company’s common shares.

The Company intends to monitor the bid price of its common shares and consider available options to regain compliance with the Minimum Bid Price Rule.

About Affimed N.V.
Affimed (Nasdaq: AFMD) is a clinical-stage immuno-oncology company committed to give patients back their innate ability to fight cancer by actualizing the untapped potential of the innate immune system. The Company’s proprietary ROCK^® platform enables a tumor-targeted approach to recognize and kill a range of hematologic and solid tumors, enabling a broad pipeline of wholly-owned and partnered single agent and combination therapy programs.

The ROCK^® platform predictably generates customized innate cell engager (ICE^®) molecules, which use patients’ immune cells to destroy tumor cells. This innovative approach enabled Affimed to become the first company with a clinical-stage ICE^®. Headquartered in Heidelberg, Germany, with offices in New York, NY, Affimed is led by an experienced team of biotechnology and pharmaceutical leaders united by a bold vision to stop cancer from ever derailing patients’ lives. For more about the Company’s people, pipeline and partners, please visit: www.affimed.com.

Forward-looking Statements
This report contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. Actual results may differ materially from the results anticipated by the Company’s forward-looking statements due to certain risks, uncertainties and other factors described under the heading “Risk Factors” in Affimed’s filings with the SEC. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements, and the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.

Investor Relations Contact
Alexander Fudukidis
Director, Investor Relations
E-Mail: a.fudukidis@affimed.com
Tel.: +1 (917) 436-8102

Media Contact
Mary Beth Sandin
Vice President, Marketing and Communications
E-Mail: m.sandin@affimed.com
Tel.: +1 (484) 888-8195

FAQ

What does the Nasdaq notice mean for Affimed (AFMD)?

The notice indicates that Affimed's stock price has been below $1.00 for thirty consecutive business days, which could jeopardize its listing on Nasdaq.

How long does Affimed have to regain compliance with Nasdaq?

Affimed has until October 2, 2023, to regain compliance with the Minimum Bid Price Rule.

What happens if Affimed fails to comply with Nasdaq regulations?

If Affimed does not regain compliance, it may apply to transfer its shares to the Nasdaq Capital Market for an additional 180 days to meet the requirement.

Is there an impact on trading of Affimed (AFMD) shares due to the notice?

The notice has no immediate effect on the listing or trading of Affimed's common shares.