Biophytis Announces Receipt of Nasdaq Notice

Rhea-AI Summary

Biophytis (NasdaqCM:BPTS) received a Notification Letter from Nasdaq on October 20, 2022, indicating non-compliance with listing rules due to its ADS closing bid price being below $1.00 for 30 consecutive business days. The Company has a 180-day grace period to regain compliance, expiring on April 18, 2023. While this notification does not immediately affect its listing, Biophytis is actively monitoring its stock price and evaluating options to address the situation. Operations remain unaffected as it continues trading on the Nasdaq Global Select Market.

Positive

• Biophytis intends to regain compliance within the grace period.
• The notification does not impact the immediate trading of ADSs.

Negative

• Stock price fell below $1.00 for 30 consecutive business days.
• Failure to comply by April 18, 2023, may lead to additional scrutiny.

PARIS, FRANCE / CAMBRIDGE, MA / ACCESSWIRE / October 26, 2022 / Biophytis SA (NasdaqCM:BPTS)(Euronext Growth Paris:ALBPS) (the "Company" or "Biophytis"), a clinical-stage biotechnology company focused on the development of therapeutics that slow the degenerative processes associated with aging, including severe respiratory failure in patients suffering from COVID-19, today announced that it has received written notification (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") dated October 20, 2022, indicationg that, based upon a closing bid price of less than $1.00 per share for the Company's American Depositary Shares ("ADSs") for the prior 30 consecutive business deay period, the Company no longer satisfies Nasdaq Listing Rule 5550(a)(2).

The Notification Letter has no immediate effect on the listing of the ADSs, and they will continue to trade on The Nasdaq Global Select Market under the symbol "BPTS".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until April 18, 2023. The Company intends to monitor the closing bid price of its ADSs during this grace period and will consider its options in order to regain compliance with The Nasdaq Global Select Market minimum bid price requirement. The Company can cure this

deficiency if the closing bid price of its ADSs is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180‐day grace period, and it meets all other listing standards and requirements, the Company may be eligible for an additional 180‐day grace period.

Biophytis intends to regain compliance within the applicable compliance period and is currently evaluating its options to do so.

During this time, the Company's ADSs will continue to be listed and trade on The Nasdaq Global Select Market and the Company's business and operations are not affected by the receipt of the Notification Letter.

About BIOPHYTIS

Biophytis SA is a clinical-stage biotechnology company specialized in the development of therapeutics that are aimed at slowing the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19. Sarconeos (BIO101), our leading drug candidate, is a small molecule, administered orally, being developed as a treatment for sarcopenia in a Phase 2 clinical trial in the United States and Europe (SARA-INT). It has also been studied in a clinical two-part Phase 2-3 study (COVA) for the treatment of severe respiratory manifestations of COVID-19 in Europe, Latin America, and the US. A pediatric formulation of Sarconeos (BIO101) is being developed for thetreatment of Duchenne Muscular Dystrophy (DMD). The Company is based in Paris, France, and Cambridge, Massachusetts. The Company's ordinary shares are listed on Euronext Growth (Ticker: ALBPS -ISIN: FR0012816825) and ADSs (American Depositary Shares) are listed on Nasdaq Capital Market (Ticker BPTS - ISIN: US09076G1040). For more information visit www.biophytis.com

Disclaimer

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are based on assumptions that Biophytis considers to be reasonable. However, there can be no assurance that the statements contained in such forward-looking statements will be verified, which are subject to various risks and uncertainties. The forward-looking statements contained in this press release are also subject to risks not yet known to Biophytis or not currently considered material by Biophytis. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Please also refer to the "Risk and uncertainties the Company is to face" section from the Company's 2021 Half Year Financial Report available on BIOPHYTIS website (www.biophytis.com) and as exposed in the "Risk Factors" section of form 20-F as well as other forms filed with the SEC (Securities and Exchange Commission, USA). We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Biophytis Contact for Investor Relations

Philippe Rousseau CFO
Investors@biophytis.com

Media Contacts

Antoine Denry: antoine.denry@taddeo.fr +33 6 18 07 83 27
Agathe Boggio: agathe.boggio@taddeo.fr +33 7 62 77 69 42

SOURCE: Biophytis

View source version on accesswire.com:
https://www.accesswire.com/722342/Biophytis-Announces-Receipt-of-Nasdaq-Notice

FAQ

What does Biophytis's Nasdaq Notification Letter signify?

It indicates that Biophytis's ADS bid price fell below $1.00 for 30 consecutive days, violating listing rules.

What is the grace period for Biophytis to regain compliance with Nasdaq?

Biophytis has a 180-day grace period, expiring on April 18, 2023, to raise the ADS price above $1.00.

How is Biophytis responding to the Nasdaq compliance issue?

The Company is monitoring its ADS price and evaluating options to regain compliance.

Will Biophytis's stock continue trading on Nasdaq after the notification?

Yes, Biophytis’s ADSs will continue to trade on Nasdaq during the grace period.