NLS Pharmaceutics Announces Compliance with Nasdaq Bid Price Requirement

Rhea-AI Summary

NLS Pharmaceutics Ltd. (Nasdaq: NLSP, NLSPW) announced compliance with Nasdaq's minimum bid price requirement after a notification letter from Nasdaq on January 10, 2023. The company had initially been notified on June 10, 2022, of its non-compliance due to a share price falling below $1.00 for 30 consecutive business days. With a bid price meeting the requirement for 10 consecutive business days from December 20, 2022, to January 9, 2023, Nasdaq confirmed that NLS has regained compliance with Listing Rule 5550(a)(2).

Positive

• None.

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• Non-compliance with Nasdaq's minimum bid price requirement previously led to potential delisting.

ZURICH, SWITZERLAND / ACCESSWIRE / January 12, 2023 / NLS Pharmaceutics Ltd. (Nasdaq:NLSP, NLSPW) ("NLS" or the "Company"), a Swiss clinical-stage biopharmaceutical company focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system disorders, today announced that it received a notification letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it has regained compliance with the Nasdaq's minimum bid price requirement.

On June 10, 2022, NLS was first notified by Nasdaq of its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was given a 180-day extension, or until December 5, 2022 to regain compliance. On December 6, 2022, NLS received an additional written notice from the Nasdaq Staff that the bid price requirement was not met, that NLS was not eligible for a second 180-day extension and that the bid price issue provided a separate basis for delisting of the Company's common shares.

The letter NLS received from Nasdaq on January 10, 2023 noted that as of January 9, 2023, the Company evidenced a closing bid price of its common shares at or greater than the $1.00 per share minimum requirement for the last 10 consecutive business days, from December 20, 2022 through January 9, 2023. Nasdaq stated that accordingly, NLS has regained compliance with Nasdaq Listing Rule 5550(a)(2).

About NLS Pharmaceutics Ltd.

NLS Pharmaceutics Ltd. (Nasdaq: NLSP) is a global development-stage biopharmaceutical company, working with a network of world-class partners and internationally recognized scientists, focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system, or CNS, disorders, who have unmet medical needs. Headquartered in Switzerland and founded in 2015, NLS is led by an experienced management team with a track record of developing and commercializing product candidates. For more information, please visit www.nlspharma.com.

For additional information:

Marianne Lambertson (investors & media)
NLS Pharmaceutics Ltd.
+1 239.682.8500
ml@nls-pharma.com
www.nlspharmaceutics.com

SOURCE: NLS Pharmaceutics AG

View source version on accesswire.com:
https://www.accesswire.com/735015/NLS-Pharmaceutics-Announces-Compliance-with-Nasdaq-Bid-Price-Requirement

FAQ

What recent compliance status did NLS Pharmaceutics achieve with Nasdaq?

NLS Pharmaceutics regained compliance with Nasdaq's minimum bid price requirement as of January 9, 2023.

When was NLS Pharmaceutics first notified of its non-compliance with Nasdaq?

NLS Pharmaceutics was first notified of non-compliance on June 10, 2022.

What actions did Nasdaq take regarding NLS Pharmaceutics' stock?

Nasdaq provided an initial notification of non-compliance and later confirmed NLS regained compliance.

What is the bid price requirement that NLS Pharmaceutics had to meet?

The minimum bid price requirement is $1.00 per share.

How long did NLS Pharmaceutics need to maintain the minimum bid price to regain compliance?

NLS needed to maintain the minimum bid price for 10 consecutive business days.