Qualigen Therapeutics Announces Regained Compliance with Nasdaq's Minimum Bid Price Requirement and the Equity Requirement

Rhea-AI Summary

Qualigen Therapeutics (NASDAQ: QLGN) has announced its regained compliance with two important Nasdaq listing requirements: the minimum bid price requirement and the stockholders' equity requirement. The Nasdaq Hearing Panel will monitor the company's compliance through two mechanisms: a Discretionary Panel Monitor and a Mandatory Panel Monitor, both effective for one year starting December 2, 2024. These monitoring measures are implemented to ensure Qualigen maintains long-term compliance with Nasdaq's continued listing requirements.

Positive

• Regained compliance with Nasdaq minimum bid price requirement
• Regained compliance with Nasdaq stockholders' equity requirement
• Avoided potential delisting from Nasdaq

Negative

• Company remains under strict one-year monitoring period
• Must maintain continuous compliance to avoid future listing issues

Insights

Financial Analyst

This regulatory compliance update from Qualigen Therapeutics represents a important milestone for maintaining its Nasdaq listing, though it comes with continued monitoring requirements. The company has successfully addressed two fundamental listing criteria: the minimum bid price and stockholders' equity requirements. However, the implementation of both Discretionary and Mandatory Panel Monitors indicates Nasdaq's cautious approach to ensuring sustained compliance.

For a micro-cap company with a market cap of just $3.5 million, maintaining Nasdaq listing is vital for market visibility and access to capital. The one-year monitoring period starting December 2024 suggests that while immediate delisting risk has been averted, the company must demonstrate consistent compliance with listing standards. This development provides temporary stability but highlights the ongoing financial challenges the company faces.

Carlsbad, CA, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Qualigen Therapeutics (NASDAQ: QLGN) (the “Company” or “Qualigen”) today announced that the Company received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with Nasdaq’s minimum bid price requirement (the “Bid Price Requirement”) set forth in Nasdaq Listing Rule 5550(a)(2), as well as Nasdaq’s stockholders’ equity requirement (“Equity Requirement”) set forth in Nasdaq Listing Rule 5550(b)(1).

The Hearing Panel has determined to impose a Discretionary Panel Monitor under Listing Rule 5815(d)(4)(A) for a period of one year from December 2, 2024, to make sure that the Company demonstrates long-term compliance with Nasdaq’s continued listing requirements. In addition, pursuant to Listing Rule 5815(d)(4)(B), the Company will be subject to a Mandatory Panel Monitor in connection with the Equity Requirement for a period of one year from December 2, 2024.

About Qualigen Therapeutics, Inc.

For more information about Qualigen Therapeutics, Inc., please visit www.qlgntx.com.

Forward-Looking Statements

This news release contains “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 Company may in some cases use terms such as “predicts,” “believes,” “potential,” “continue,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “likely,” “will,” “should” or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. The Company’s forward-looking statements are based on current beliefs and expectations of its management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, including statements regarding the timing of the offering. Any or all of the forward-looking statements may turn out to be wrong or be affected by assumptions the Company makes that later turn out to be incorrect, or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to the Company’s ability to regain compliance with Nasdaq’s continued listing requirements, including the Company’s ability to file its Quarterly Report on Form 10-Q for the period ended September 30, 2024, or otherwise in the future, or otherwise maintain compliance with any other listing requirement of The Nasdaq Capital Market, the potential de-listing of the Company’s shares from The Nasdaq Capital Market due to its failure to comply with the Nasdaq’s continued listing requirement, or its alternatives, or otherwise in the future, and the other risks set forth in the Company’s filings with the Securities and Exchange Commission, including in its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. For all these reasons, actual results and developments could be materially different from those expressed in or implied by the Company’s forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this news release, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:
Investor Relations
ir@qlgntx.com.

FAQ

What Nasdaq requirements did Qualigen Therapeutics (QLGN) regain compliance with?

Qualigen Therapeutics regained compliance with Nasdaq's minimum bid price requirement and stockholders' equity requirement as announced on December 5, 2024.

How long will QLGN be monitored by Nasdaq after regaining compliance?

QLGN will be monitored for one year from December 2, 2024, through both a Discretionary Panel Monitor and a Mandatory Panel Monitor.

What are the monitoring measures imposed on Qualigen (QLGN) by Nasdaq?

Nasdaq imposed two monitoring measures: a Discretionary Panel Monitor under Rule 5815(d)(4)(A) and a Mandatory Panel Monitor under Rule 5815(d)(4)(B), both lasting one year from December 2, 2024.