SciSparc Ltd. Announces Receipt of Nasdaq Minimum Bid Price Notification
SciSparc (Nasdaq: SPRC), a clinical-stage pharmaceutical company, has received a notice from Nasdaq indicating non-compliance with the minimum bid price requirement. The company's stock must maintain a minimum bid price of $1.00 per share to remain listed. SciSparc has been granted a 180-day grace period, until January 13, 2025, to regain compliance.
To comply, the closing bid price of SPRC shares must be at least $1.00 for a minimum of ten consecutive business days. If unsuccessful, the company may be eligible for an additional 180-day compliance period. Failure to meet requirements could result in delisting from Nasdaq. The notice does not immediately affect SciSparc's listing or trading of its ordinary shares.
- 180-day grace period granted to regain compliance
- Possibility of additional 180-day compliance period if initial attempt fails
- No immediate effect on Nasdaq listing or trading of shares
- Non-compliance with Nasdaq's minimum bid price requirement
- Risk of potential delisting if compliance is not achieved
- Stock price below $1.00 per share
TEL AVIV, Israel, July 16, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system (the “Company” or “SciSparc”), today announced it has received a written notice (the “Notice”) from Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of
According to the Notice, the Company has until January 13, 2025, to regain compliance with the minimum bid price requirement. The Company can regain compliance, if at any time during this 180-day period, the closing bid price of its ordinary shares is at least
If the Company cannot demonstrate compliance by the allotted compliance period(s), Nasdaq’s staff will notify the Company that its ordinary shares are subject to delisting.
About SciSparc Ltd. (Nasdaq:SPRC):
SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive CBD: SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of ASD and status epilepticus. The Company also owns a controlling interest in a subsidiary whose business focuses on the sale of hemp seeds’ oil-based products on the Amazon.com Marketplace.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses regaining compliance with Nasdaq’s continued listing requirements, and timing and effect thereof. Because such actions deal with future events and are based on the Company’s current expectations, they are subject to various risks and uncertainties, and actual results, performance, or achievements of the Company could differ materially from those described in or implied by the statements in this press release. Because such statements deal with future events and are based on SciSparc's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of SciSparc could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in SciSparc's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on April 1, 2024, and in subsequent filings with the SEC. Except as otherwise required by law, SciSparc disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
Investor Contact:
IR@scisparc.com
Tel: +972-3-6167055
![](https://ml.globenewswire.com/media/NjgyMGI4NGEtZmRhNC00NjU0LWEyMzktOTM1NmExZjRiZTQ0LTUwMDEwMjUyNQ==/tiny/SciSparc-Ltd.png)
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