Akari Therapeutics Announces Receipt of Nasdaq Minimum Bid Price Notification

Rhea-AI Summary

Akari Therapeutics (Nasdaq: AKTX) received a Nasdaq Listing Qualifications letter stating it is non-compliant with the $1.00 minimum bid price requirement. The company has a 180-day compliance period ending April 24, 2023, to rectify this by maintaining a closing bid price of at least $1.00 for ten consecutive business days. Failure to comply may lead to potential delisting. Currently, there is no immediate effect on trading, and Akari’s shares will continue to trade under the symbol AKTX during this grace period.

Positive

• Akari has 180 days until April 24, 2023, to regain compliance with Nasdaq's bid price requirement.
• The company can receive an extension if it meets market value requirements.

Negative

• Non-compliance with Nasdaq's minimum bid price could lead to delisting.
• If compliance is not achieved by the end of the second 180-day period, the company may face delisting.

NEW YORK and LONDON, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Akari Therapeutics, Plc (Nasdaq: AKTX), a late-stage biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, today announced that Akari received a letter from Nasdaq Listing Qualifications indicating that Akari is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

The rules also provide Akari a compliance period of 180 calendar days to regain compliance. According to the letter, Akari has from October 24, 2022 to April 24, 2023 to regain compliance with the minimum bid price requirement. Akari can regain compliance, if at any time during this 180-day period, the closing bid price of its ADSs is at least $1.00 for a minimum of ten consecutive business days, in which case Akari will be provided with a written confirmation of compliance and this matter will be closed. In the event Akari does not regain compliance after the initial 180-day period, Akari may then be eligible for an additional time if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period.

If Akari cannot demonstrate compliance by the end of the second 180-day period, Nasdaq staff will notify Akari that its ADSs are subject to delisting.

The letter has no immediate effect on Akari's Nasdaq listing or the trading of its ADSs, and during the grace period, as may be extended, Akari’s ADSs will continue to trade on the Nasdaq Capital Market under the symbol AKTX.

About Akari Therapeutics

Akari Therapeutics, plc (Nasdaq: AKTX) is a biotechnology company developing advanced therapies for autoimmune and inflammatory diseases. Akari's lead asset, investigational nomacopan, is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. Akari's pipeline includes a Phase 3 clinical trial program investigating nomacopan for severe pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy (HSCT-TMA), as well as pre-clinical research of long-acting PAS-nomacopan in geographic atrophy (GA). For more information about Akari, please visit akaritx.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies, and prospects as reflected in or suggested by those forward- looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control. Such risks and uncertainties for our company include, but are not limited to: needs for additional capital to fund our operations, our ability to continue as a going concern; uncertainties of cash flows and inability to meet working capital needs; an inability or delay in obtaining required regulatory approvals for nomacopan and any other product candidates, which may result in unexpected cost expenditures; our ability to obtain orphan drug designation in additional indications; risks inherent in drug development in general; uncertainties in obtaining successful clinical results for nomacopan and any other product candidates and unexpected costs that may result there; difficulties enrolling patients in our clinical trials; failure to realize any value of nomacopan and any other product candidates developed and being developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; inability to develop new product candidates and support existing product candidates; the approval by the FDA and EMA and any other similar foreign regulatory authorities of other competing or superior products brought to market; risks resulting from unforeseen side effects; risk that the market for nomacopan may not be as large as expected risks associated with the impact of the COVID-19 pandemic; inability to obtain, maintain and enforce patents and other intellectual property rights or the unexpected costs associated with such enforcement or litigation; inability to obtain and maintain commercial manufacturing arrangements with third party manufacturers or establish commercial scale manufacturing capabilities; the inability to timely source adequate supply of our active pharmaceutical ingredients from third party manufacturers on whom the company depends; unexpected cost increases and pricing pressures and risks and other risk factors detailed in our public filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 20-F filed with the SEC. Except as otherwise noted, these forward-looking statements speak only as of the date of this press release and we undertake no obligation to update or revise any of these statements to reflect events or circumstances occurring after this press release. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.

For more information

Investor Contact:
Mike Moyer
LifeSci Advisors
(617) 308-4306
mmoyer@lifesciadvisors.com

Media Contact:
Eliza Schleifstein
Schleifstein PR
(917) 763-8106
eliza@schleifsteinpr.com

FAQ

What does Akari Therapeutics' compliance letter from Nasdaq mean?

It indicates Akari is not meeting the minimum bid price requirement of $1.00 per share.

How long does Akari have to regain compliance with Nasdaq?

Akari has 180 calendar days, until April 24, 2023, to regain compliance.

What happens if Akari does not regain compliance with Nasdaq?

If compliance is not achieved, Akari may be subject to delisting from Nasdaq.

What is the current trading status of Akari's stock on Nasdaq?

Akari's shares will continue to trade as AKTX during the compliance period.