Akari Therapeutics Regains Full Nasdaq Compliance

Rhea-AI Summary

Akari Therapeutics (NASDAQ: AKTX) has successfully resolved its shareholders equity deficiency issue and regained full compliance with Nasdaq listing requirements. The company received written confirmation from Nasdaq's Listing Qualifications Staff that its deficiency under Listing Rule 5550(b) has been cured. As a result, the previously scheduled Nasdaq hearing before the Hearings Panel on November 21 has been cancelled, and AKTX will continue trading on the Nasdaq Capital Market.

Positive

• Regained full compliance with Nasdaq listing requirements
• Resolved shareholders equity deficiency issue
• Maintained Nasdaq Capital Market listing status

Negative

• None.

Insights

Financial Analyst

Regaining Nasdaq compliance is a significant development for Akari Therapeutics, removing a major risk factor that could have resulted in delisting. For a micro-cap company with a market cap of $27.8M, maintaining Nasdaq listing is important for investor access, trading liquidity and future capital raising capabilities. The resolution of the shareholders' equity deficiency suggests improved financial health, though specific details about how this was achieved aren't provided. This development preserves institutional investor eligibility and market visibility, which is particularly important for biotech companies that often require significant capital for drug development. However, investors should note that while this removes one risk factor, the company still needs to maintain compliance with other listing requirements and execute its business strategy effectively.

- Shareholders Equity Deficiency has been Cured -

- Akari will Continue to be Listed and Traded on The Nasdaq Stock Market -

BOSTON and LONDON, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Akari Therapeutics, Plc (Nasdaq: AKTX) announces receipt of written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC informing the Company that its deficiency under Listing Rule 5550(b) has been cured. The Company is now in full compliance with all Nasdaq continued listing requirements.

Based on the foregoing, the previously scheduled Nasdaq hearing before the Hearings Panel on November 21, has been cancelled. The Company will continue to be traded on The Nasdaq Capital Market.

“This is an important administrative hurdle for the company,” said Samir Patel, MD, Akari’s Interim President & CEO. “Ensuring that the Company maintains compliance with the Nasdaq listing requirements is of the utmost importance to our shareholders and we take this very seriously. We are very satisfied to put this matter behind us and move forward focusing on execution of our business strategy.”

About Akari Therapeutics

Akari Therapeutics, Plc (Nasdaq: AKTX) is a biotechnology company developing advanced therapies for autoimmune, oncology and inflammatory diseases. Akari has two lead assets, investigational nomacopan and an antibody drug conjugate (ADC) platform. Nomacopan is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. The Company is conducting pre-clinical research of long-acting PAS-nomacopan in geographic atrophy (GA). The Company’s ADC platform includes novel toxins and linkers coupled with important cancer antibody targets. For more information about Akari, please visit akaritx.com.

Cautionary Note Regarding Forward-Looking Statements 

This press release includes express or implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), about the Company that involve risks and uncertainties relating to future events and the future performance of the Company. Actual events or results may differ materially from these forward-looking statements. Words such as “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “future,” “opportunity” “will likely result,” “target,” variations of such words, and similar expressions or negatives of these words are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Examples of such forward-looking statements include, but are not limited to, express or implied statements regarding: the business combination and related matters, including, but not limited to, post-closing operations and the outlook for the Company’s business; the Company’s targets, plans, objectives or goals for future operations, including those related to its product candidates; financial projections; future economic performance,; and the assumptions underlying or relating to such statements. These statements are based on the Company’s current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. A number of important factors, including those described in this communication, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results and may cause these forward-looking statements to be inaccurate include, without limitation: the risk that Akari and Peak Bio may not realize the anticipated benefits of the Merger in the time frame expected, or at all; the ability to retain and hire key personnel; potential adverse reactions or changes to business relationships resulting from the Merger; the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of the combined business; uncertainties as to the long-term value of Akari’s American Depositary Shares (and the ordinary shares represented thereby), including the dilution caused by Akari’s issuance of additional American Depositary Shares (and the ordinary shares represented thereby) in connection with the Merger; risks related to global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations; potential delays or failures related to research and/or development of the Company’s programs or product candidates; risks related to any loss of the Company’s patents or other intellectual property rights; any interruptions of the supply chain for raw materials or manufacturing for the Company’s product candidates, the nature, timing, cost and possible success and therapeutic applications of product candidates being developed by the Company and/or its collaborators or licensees; the extent to which the results from the research and development programs conducted by the Company, and/or its collaborators or licensees may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; uncertainty of the utilization, market acceptance, and commercial success of the Company’s product candidates; unexpected breaches or terminations with respect to the Company’s material contracts or arrangements; risks related to competition for the Company’s product candidates; the Company’s ability to successfully develop or commercialize its product candidates; potential exposure to legal proceedings and investigations; risks related to changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing, development or commercialization of any of the Company’s product candidates; the Company’s ability to maintain listing of its ADSs on the Nasdaq Capital Market. While the foregoing list of factors presented here is considered representative, no list should be considered to be a complete statement of all potential risks and uncertainties. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.

For more information

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

FAQ

Why was Akari Therapeutics (AKTX) at risk of Nasdaq delisting?

Akari Therapeutics was facing a shareholders equity deficiency under Nasdaq Listing Rule 5550(b), which put its listing status at risk.

Has Akari Therapeutics (AKTX) resolved its Nasdaq compliance issues?

Yes, Akari Therapeutics has fully resolved its compliance issues and received confirmation from Nasdaq that its deficiency under Listing Rule 5550(b) has been cured.

Will Akari Therapeutics (AKTX) continue trading on Nasdaq?

Yes, Akari Therapeutics will continue trading on the Nasdaq Capital Market as it has regained full compliance with all Nasdaq continued listing requirements.