Conduit Pharmaceuticals Provides Update on Nasdaq Stock Market Hearing Panel

Rhea-AI Summary

Conduit Pharmaceuticals (Nasdaq: CDT) has received an extension from the Nasdaq Hearing Panel to achieve compliance with listing requirements. The company presented its compliance plan on February 11, 2025, and received written notification of the extension on March 5, 2025.

The extension requires Conduit to:

• File an application to transfer to the Nasdaq Capital Market by March 12, 2025
• Demonstrate compliance with all Nasdaq listing rules by March 31, 2025

As of February 26, 2025, the company has already regained compliance with the Minimum Bid Price rule. Following the transfer to Nasdaq Capital Market, Conduit's Market Value of Publicly Held Shares will meet the $1.0 million requirement. The company expects to demonstrate compliance with the Equity Standard of Stockholder's Equity exceeding $2.5 million by the March deadline, though this is not guaranteed.

Positive

• Regained compliance with Nasdaq minimum bid price requirement
• Received extension for listing compliance
• Current MVPHS will meet $1.0M requirement after transfer

Negative

• Risk of failing to meet March 31 compliance deadline
• Forced to downgrade from Nasdaq Global to Capital Market
• Uncertainty in meeting $2.5M stockholder equity requirement

NAPLES, Fla. and CAMBRIDGE, United Kingdom, March 06, 2025 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) ("Conduit Pharmaceuticals" or "Conduit" or the “Company”) announces that, on February 11, 2025, the Company presented its plan of compliance to The Nasdaq Stock Market LLC ("Nasdaq”) Hearing Panel (the "Panel”) and requested an extension of time to achieve compliance with Nasdaq Listing Rules 5450(a)(1), 5450(b)(2&3)(C) and 5450(b)(2)(A), the Minimum Bid Price ("Bid Price”), Market Value of Publicly Held Shares ("MVPHS”) and Market Value of Listed Securities ("MVLS”) rules, respectively.

On March 5, 2025, the Company received a written notification (the "Notice”) from the Panel confirming it has granted the Company such an extension for the Company to regain compliance with the MVPHS and MVLS rules, provided that the Company, (i) on or before March 12, 2025, files an application to transfer to the Nasdaq Capital Market, which it intends to do, and (ii) on or before March 31, 2025, demonstrates compliance with all Nasdaq listing rules, which it also intends to do, and believes it will satisfy.

Additionally, the Company was also notified in the Notice that as of February 26, 2025, it had regained compliance with Nasdaq Listing Rule 5450(a)(1), the Bid Price rule.

Following the transfer to the Nasdaq Capital Market, the Company’s current MVPHS will be compliant with the MVPHS continued listing standard of greater than $1.0 million and the Company believes it will be able to demonstrate its compliance with the Equity Standard of Stockholder’s Equity greater than $2.5 million prior to the March 31, 2025, deadline to the satisfaction of Nasdaq, although no such assurance can be given.

About Conduit Pharmaceuticals

Conduit is a dynamic, multi-asset clinical stage, life science company delivering an efficient model for compound development. Conduit both acquires and funds the development of Phase 2-ready assets, building an integrated and advanced platform-driven approach powered by artificial intelligence (AI) and cybernetics, and seeking an exit through third-party license deals following successful clinical trials. Led by a highly experienced team of pharmaceutical executives including Dr. David Tapolczay and Dr. Freda Lewis-Hall, this novel approach is a departure from the traditional pharma/biotech business model of taking assets through regulatory approval.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding Conduit's future results of operations and financial position, Conduit's business strategy, prospective product candidates, product approvals, research and development costs, timing and likelihood of success, plans and objectives of management for future operations, future results of current and anticipated studies and business endeavors with third parties, and future results of current and anticipated product candidates, are forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to; the inability to maintain the listing of Conduit's securities on Nasdaq; the ability to recognize the anticipated benefits of the business combination completed in September 2023, which may be affected by, among other things, competition; the ability of the combined company to grow and manage growth economically and hire and retain key employees; the risks that Conduit's product candidates in development fail clinical trials or are not approved by the U.S. Food and Drug Administration or other applicable authorities on a timely basis or at all; changes in applicable laws or regulations; the possibility that Conduit may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties to be identified in the proxy statement/prospectus (as amended and supplemented) relating to the business combination completed in September 2023, including those under "Risk Factors" therein, and in other filings made by Conduit with the U.S. Securities and Exchange Commission. Moreover, Conduit operates in a very competitive and rapidly changing environment. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond Conduit's control, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law, Conduit assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Conduit gives no assurance that it will achieve its expectations.

Investors & Media:
info@conduitpharma.com

FAQ

What is the deadline for Conduit Pharmaceuticals (CDT) to comply with Nasdaq listing requirements?

Conduit Pharmaceuticals must demonstrate compliance with all Nasdaq listing rules by March 31, 2025.

Has Conduit Pharmaceuticals (CDT) regained compliance with Nasdaq's minimum bid price requirement?

Yes, as of February 26, 2025, Conduit Pharmaceuticals regained compliance with Nasdaq's minimum bid price requirement.

What are the specific requirements CDT must meet for Nasdaq Capital Market listing?

CDT must maintain Market Value of Publicly Held Shares above $1.0 million and Stockholder's Equity greater than $2.5 million.

When must Conduit Pharmaceuticals (CDT) file its application to transfer to Nasdaq Capital Market?

Conduit must file its application to transfer to Nasdaq Capital Market by March 12, 2025.