Tiziana Life Sciences Ltd. Receives Nasdaq Deficiency Notice

Rhea-AI Summary

Tiziana Life Sciences (TLSA) announced on June 14, 2022, that it received a notice from Nasdaq regarding non-compliance with the $1.00 minimum bid price for continued listing on the Nasdaq Global Market. The Company has 180 days to regain compliance by maintaining the closing bid price at or above $1.00 for at least ten consecutive business days. The notice does not affect the current trading of its securities. Tiziana aims to resolve this deficiency and may consider options to meet the bid price requirement before the compliance deadline of December 12, 2022.

Positive

• The notice allows Tiziana a 180-day period to regain compliance with Nasdaq's bid price requirement.
• The Company intends to monitor its share price to regain compliance.

Negative

• The stock is currently trading below the $1.00 minimum bid price, risking delisting.

NEW YORK, June 17, 2022 (GLOBE NEWSWIRE) -- Tiziana Life Sciences (Nasdaq: TLSA) ("Tiziana" or the "Company"), a biotechnology company enabling breakthrough immunotherapies via novel routes of monoclonal antibody delivery, today disclosed the receipt of a notice (the “Notice”) on June 14, 2022 from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company is not currently in compliance with the $1.00 minimum bid price requirement for continued listing of the Company’s common shares on the Nasdaq Global Market, as set forth in Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). The Notice indicated that, consistent with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 days, or until December 12, 2022 (the “Compliance Deadline”), to regain compliance with the Minimum Bid Price Requirement by having the closing bid price of the Company’s common shares meet or exceed $1.00 for at least ten consecutive business days.

The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities on the Nasdaq Global Market. Tiziana intends to monitor the closing bid price of its common shares and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement. If the Company does not regain compliance by the Compliance Deadline, the Company may be afforded an additional 180 calendar day period to regain compliance.

The Company intends to resolve the deficiency and regain compliance with the Listing Rules.

About Tiziana Life Sciences
Tiziana Life Sciences is a clinical-stage biopharmaceutical company developing breakthrough therapies using transformational drug delivery technologies to enable alternative routes of immunotherapy. Tiziana's innovative nasal, oral, and inhalation approaches in development have the potential to provide an improvement in efficacy as well as safety and tolerability compared to intravenous (IV) delivery. Tiziana's two lead candidates, intranasal foralumab, the only fully human anti-CD3 mAb, and milciclib, a pan-CDK inhibitor, have both demonstrated a favorable safety profile and clinical response in patients in studies to date. Tiziana's technology for alternative routes of immunotherapy has been patented with several applications pending and is expected to allow for broad pipeline applications.

Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

For further inquiries:
Tiziana Life Sciences Ltd
Hana Malik, Business Development, and Investor Relations Manager
+44 (0) 207 495 2379
email: info@tizianalifesciences.com 

Investors:
Irina Koffler
LifeSci Advisors, LLC
646.970.4681
ikoffler@lifesciadvisors.com 

FAQ

What is the current status of Tiziana Life Sciences on Nasdaq?

Tiziana Life Sciences is currently not in compliance with Nasdaq's $1.00 minimum bid price requirement.

How long does Tiziana have to regain compliance with Nasdaq?

Tiziana has 180 days, until December 12, 2022, to regain compliance.

What happens if Tiziana does not regain compliance by the deadline?

If Tiziana does not regain compliance, it may be afforded an additional 180-day period to meet the requirement.

What is the minimum bid price requirement set by Nasdaq?

The minimum bid price requirement set by Nasdaq is $1.00 for continued listing.