Nasdaq Approves 180-Day Extension for Virax Biolabs Group to Meet Minimum $1 Bid

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Virax Biolabs Group Limited (VRAX) has been granted a 180-day extension by Nasdaq to meet the $1 minimum bid price requirement, allowing the company until January 29, 2024, to regain compliance.

LONDON, Aug. 3, 2023 /PRNewswire/ -- Virax Biolabs Group Limited ("Virax" or the "Company") (Nasdaq: VRAX), an innovative diagnostics company focused on the detection of immune responses and diagnosis of viral diseases, announced today that Nasdaq has approved the Company's request for a 180-day extension to meet the $1 minimum bid price requirement.

On January 30, 2023, Nasdaq provided notice to the Company that based on the previous 30 consecutive business days, the Company's listed common stock no longer met the minimum $1 bid price per share requirement as set forth in Nasdaq Listing Rule 5810(c)(3)(A)(ii). The Company was provided 180 calendar days, or until July 31, 2023, to regain compliance.

Nasdaq has determined that the Company is eligible for an additional 180 calendar day period, or until January 29, 2024, to regain compliance.  If at any time during this additional time period the closing bid price of the Company's security is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance.

About Virax Biolabs Group Limited.

Founded in 2013, Virax Biolabs Group Limited is an innovative biotech company focused on the detection of immune responses to and diagnosis of viral diseases. In addition to distributing an array of in-vitro diagnostic test kits, Virax Biolabs Group Limited is currently developing a proprietary T-Cell Test technology with the intention of providing an immunology profiling platform that assesses each individual's immune risk profile against major global viral threats. T-Cell testing can be particularly effective in the diagnosis and therapeutics of COVID-19 as well as other threats including Monkeypox, Hepatitis B, Malaria, Herpes and Human Papillomavirus.

For more information, please visit www.viraxbiolabs.com.

Caution Concerning Forward Looking Statements:

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. These forward-looking statements are based on information currently available to Virax and its current plans or expectations and are subject to a number of known and unknown uncertainties, risks and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These and other important factors are described in detail in the "Risk Factors" section of Virax's Annual Report on Form 20-F for the year ended March 31, 2022. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

 

 

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SOURCE Virax Biolabs

FAQ

What is the latest announcement from Virax Biolabs Group Limited (VRAX)?

The latest announcement from Virax Biolabs Group Limited (VRAX) is about Nasdaq granting the company a 180-day extension to meet the $1 minimum bid price requirement.

What is the Nasdaq ticker symbol for Virax Biolabs Group Limited?

The Nasdaq ticker symbol for Virax Biolabs Group Limited is VRAX.

What is the minimum bid price requirement set by Nasdaq?

Nasdaq has a minimum $1 bid price per share requirement for listed companies.

What happens if the closing bid price of Virax Biolabs Group Limited reaches $1 per share for 10 consecutive business days?

If the closing bid price of Virax Biolabs Group Limited reaches $1 per share for 10 consecutive business days, Nasdaq will provide written confirmation of compliance.

What is the deadline for Virax Biolabs Group Limited to regain compliance with Nasdaq's bid price requirement?

Virax Biolabs Group Limited has until January 29, 2024, to regain compliance with Nasdaq's bid price requirement.