BrainStorm Cell Therapeutics Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

BrainStorm Cell Therapeutics (NASDAQ: BCLI) has received written notice from Nasdaq confirming its regained compliance with the minimum closing bid price requirement under Listing Rule 5550(a)(2). The notice, received on October 29, 2024, ensures the company's continued listing on The Nasdaq Capital Market, subject to maintaining compliance with Nasdaq's listing requirements.

Positive

• Regained Nasdaq listing compliance, avoiding potential delisting risk
• Maintains access to capital markets through continued Nasdaq listing

Negative

• Previous non-compliance with Nasdaq listing requirements indicates recent stock price weakness

Insights

Financial Analyst

The regaining of Nasdaq compliance is a short-term positive but doesn't fundamentally change BrainStorm's challenging position. With a micro-cap valuation of just $10.4M, the company still faces significant hurdles, particularly after the FDA's rejection of NurOwn. While maintaining the Nasdaq listing prevents forced selling by institutional investors and provides better access to capital markets, the company needs more substantial catalysts to drive sustainable value.

The compliance achievement merely maintains status quo trading access without addressing core business challenges like product development and regulatory approvals. Investors should view this as a technical milestone rather than a fundamental improvement in business prospects.

NEW YORK, Oct. 30, 2024 /PRNewswire/ -- BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a leading developer of cellular therapies for neurodegenerative diseases, today announced that on October 29, 2024, the Company received written notice from The Nasdaq Stock Market stating that the Company has regained compliance with the minimum closing bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market.

Accordingly, the Company's common stock will continue to trade on The Nasdaq Capital Market, subject to the Company's compliance with Nasdaq's continued listing requirements.

About BrainStorm Cell Therapeutics Inc.    
BrainStorm Cell Therapeutics Inc. is a leading developer of innovative autologous adult stem cell therapeutics for debilitating neurodegenerative diseases. BrainStorm holds the rights to clinical development and commercialization of the NurOwn® technology platform used to produce autologous MSC-NTF cells through an exclusive, worldwide licensing agreement. Autologous MSC-NTF cells have received Orphan Drug designation status from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for the treatment of amyotrophic lateral sclerosis (ALS). BrainStorm has completed a Phase 3 trial in ALS (NCT03280056); this trial investigated the safety and efficacy of repeat-administration of autologous MSC-NTF cells and was supported by a grant from the California Institute for Regenerative Medicine (CIRM CLIN2-0989), and another grant from the ALS Association and I AM ALS. BrainStorm completed under an investigational new drug application a Phase 2 open-label multicenter trial (NCT03799718) of autologous MSC-NTF cells in progressive MS and was supported by a grant from the National MS Society (NMSS).

Notice Regarding Forward-Looking Statements   
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties, including statements regarding the expectation of continued listing of BrainStorm's common stock on The Nasdaq Capital Market. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on BrainStorm's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. These potential risks and uncertainties include, without limitation, the factors detailed in BrainStorm's annual report on Form 10-K and quarterly reports on Form 10-Q available at http://www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on BrainStorm's forward-looking statements. The forward-looking statements contained in this press release are based on the beliefs, expectations, and opinions of management as of the date of this press release. We do not assume any obligation to update forward-looking statements to reflect actual results or assumptions if circumstances or management's beliefs, expectations or opinions should change, unless otherwise required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.

CONTACTS:

IR:
Michael Wood
Phone: +1 646-597-6983
mwood@lifesciadvisors.com 

Logo: https://mma.prnewswire.com/media/1166536/BrainStorm_Logo.jpg

 

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SOURCE BrainStorm Cell Therapeutics Inc.

FAQ

When did BrainStorm Cell Therapeutics (BCLI) regain Nasdaq compliance?

BrainStorm Cell Therapeutics received written notice from Nasdaq confirming compliance on October 29, 2024.

What Nasdaq requirement did BCLI regain compliance with?

BCLI regained compliance with the minimum closing bid price requirement under Nasdaq Listing Rule 5550(a)(2).

Will BCLI continue trading on Nasdaq after regaining compliance?

Yes, BCLI will continue trading on The Nasdaq Capital Market, subject to maintaining compliance with Nasdaq's continued listing requirements.