Synaptogenix Regains Compliance with Nasdaq Minimum Bid Price Requirement for Continued Listing

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Synaptogenix, Inc. (Nasdaq: SNPX) regains compliance with Nasdaq's minimum bid price requirement for continued listing after conducting a 1-for-25 reverse split of its common stock.

NEW YORK, April 24, 2024 /PRNewswire/ -- Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the "Company"), an emerging biopharmaceutical company developing therapeutics for neurodegenerative disorders, today announced that it received notice from The Nasdaq Stock Market LLC ("Nasdaq") on April 22, 2024, informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) ("Listing Rule") for continued listing on The Nasdaq Capital Market.

On April 24, 2023, Synaptogenix received notice from the Listing Qualifications Department of Nasdaq indicating that the Company was not in compliance with the Listing Rule, as its common stock had failed to meet a closing bid price of $1.00 or more for 30 consecutive business days. In order to regain compliance with the Listing Rule, the Company's common stock was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days. The Company conducted a 1-for-25 reverse split of its common stock on April 4, 2024, with the goal of increasing the trading price of the common stock. The common stock began trading on a split-adjusted basis on April 5, 2024, under the new CUSIP number 87167T 300. 

About Synaptogenix

Synaptogenix is a clinical-stage biopharmaceutical company that has historically worked to develop novel therapies for neurodegenerative diseases. Synaptogenix has conducted clinical and preclinical studies of its lead therapeutic candidate, Bryostatin-1, in Alzheimer's disease. Preclinical studies have also demonstrated bryostatin's regenerative mechanisms of action for the rare disease Fragile X syndrome, and for other neurodegenerative disorders such as multiple sclerosis, stroke, and traumatic brain injury. The U.S. Food and Drug Administration has granted Orphan Drug Designation to Synaptogenix for Bryostatin-1 as a treatment for Fragile X syndrome. Bryostatin-1 has already undergone testing in more than 1,500 people in cancer studies, thus creating a large safety data base that will further inform clinical trial designs. Additional information about Synaptogenix, Inc. may be found on its website: www.synaptogen.com

Contact

800-811-5591
ir@synaptogen.com

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SOURCE Synaptogenix, Inc.

FAQ

What did Synaptogenix announce regarding Nasdaq compliance?

Synaptogenix, Inc. announced that it has regained compliance with Nasdaq's minimum bid price requirement for continued listing.

When did Synaptogenix receive notice from Nasdaq about compliance issues?

Synaptogenix received notice from Nasdaq on April 24, 2023, indicating non-compliance with the minimum bid price requirement.

What action did Synaptogenix take to regain compliance?

Synaptogenix conducted a 1-for-25 reverse split of its common stock to increase the trading price and meet the minimum bid price requirement.

When did the common stock of Synaptogenix begin trading on a split-adjusted basis?

The common stock of Synaptogenix began trading on a split-adjusted basis on April 5, 2024, under the new CUSIP number 87167T 300.