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Conditional Nasdaq lifeline for XTL Biopharmaceuticals (NASDAQ: XTLB) tied to Psyga deal

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Form Type
6-K

Rhea-AI Filing Summary

XTL Biopharmaceuticals Ltd. has received a conditional decision from a Nasdaq Hearings Panel allowing its American Depositary Shares to remain listed. The Panel’s exception requires the company to complete its planned acquisition of Psyga Bio Ltd. and demonstrate full compliance with Nasdaq’s continued listing rules.

The Psyga transaction, supported by a commitment for up to US$1,500,000 through a private placement at closing, is expected to close after shareholder approval and no later than June 29, 2026. The Panel’s decision specifies that by June 30, 2026 the company must complete the Psyga transaction and meet all Nasdaq requirements, or its listing remains at risk.

Nasdaq also noted a prior violation of Listing Rule 5550(a)(2), while acknowledging that the company’s securities have traded above a $1 closing bid price since a reverse stock split (via ADS ratio change) on March 25, 2026. The company cautions that there is no assurance the Psyga transaction will close or that it will ultimately regain and maintain full compliance.

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Insights

Nasdaq grants XTLB a time-limited lifeline tied to closing the Psyga Bio deal.

XTL Biopharmaceuticals avoided immediate Nasdaq delisting after a Hearings Panel granted an exception contingent on completing the Psyga Bio Ltd. acquisition and meeting all continued listing standards by June 30, 2026. A committed private placement of up to US$1,500,000 at closing is part of the plan.

The company had been flagged as a “public shell” under Nasdaq Listing Rule 5101 and was also cited under Listing Rule 5550(a)(2), although its ADSs have maintained a closing bid above $1 since a March 25, 2026 reverse split. The Panel reserves the right to revisit its decision if developments undermine compliance.

Execution risk is meaningful: the Psyga transaction still requires shareholder approval and other closing conditions, and management explicitly warns there can be no assurance it will close by June 30, 2026 or at all. Future disclosures on deal completion, listing compliance and timely Form 20-F filing will be central to understanding how the company’s status evolves.

Private placement commitment up to US$1,500,000 Investment committed to close concurrently with Psyga Bio transaction
Listing exception deadline June 30, 2026 Date by which Psyga transaction must be completed and Nasdaq compliance demonstrated
Psyga closing target no later than June 29, 2026 Company’s anticipated latest date to close Psyga transaction after shareholder approval
Minimum bid price threshold US$1 closing bid ADSs have traded above this level since March 25, 2026 reverse split
Reverse split effective date March 25, 2026 Reverse stock split via ADS ratio change to address Listing Rule 5550(a)(2)
public shell regulatory
"Staff’s belief that the Company is a “public shell” under Nasdaq Listing Rule 5101"
A public shell is a company that is already listed on a stock exchange but has little or no business activity or assets—think of it as an empty storefront with a legal listing. Investors should care because another business can quickly become public by combining with that shell, which can speed growth but also brings risks like limited operating history, possible hidden liabilities, and greater need for careful due diligence before investing.
Nasdaq Listing Rule 5101 regulatory
"the Staff’s belief that the Company is a “public shell” under Nasdaq Listing Rule 5101"
Listing Rule 5550(a)(2) regulatory
"the Company was also in violation of Listing Rule 5550(a)(2)"
Listing Rule 5550(a)(2) is a Nasdaq listing standard that sets a minimum share-price requirement for securities to be listed or to remain listed on the Nasdaq Capital Market. It matters to investors because falling below that minimum can trigger delisting reviews or increased volatility, much like a safety bar on a ride — if a stock can’t meet the height requirement, it risks being removed from the exchange, which can reduce liquidity and access for buyers and sellers.
reverse stock split financial
"since the Company completed a reverse stock split (through ADS ratio change) on March 25, 2026"
A reverse stock split is when a company reduces the number of its shares outstanding, making each share more valuable. For example, if you own 100 shares worth $1 each, a 1-for-10 reverse split would turn your 100 shares into 10 shares worth $10 each. Companies often do this to boost their stock price and appear more stable to investors.
American Depositary Shares financial
"continued listing of the Company’s American Depositary Shares is no longer warranted"
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
private placement financial
"secured a commitment of an investment of an amount of up to US$1,500,000 through a private placement"
A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

 

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

For the month of May, 2026

 

Commission File Number: 001-36000

 

XTL Biopharmaceuticals Ltd. 

(Translation of registrant’s name into English)

 

26 Ben Gurion Street

Ramat Gan 5257346, Israel 

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒          Form 40-F ☐

 

 

 

 

 

 

As previously disclosed in the Report of Foreign Private Issuer on Form 6-K furnished to the Securities and Exchange Commission (the “SEC”) on February 27, 2026, the Company received a letter from the Listing Qualifications Department (the “Staff”) of Nasdaq notifying the Company of the Staff’s belief that the Company is a “public shell” under Nasdaq Listing Rule 5101 and that continued listing of the Company’s American Depositary Shares is no longer warranted.

 

The Company has requested a hearing (the “Hearing”) to appeal the delisting process before a Nasdaq Hearings Panel (the “Panel”). The Hearing was held on April 16, 2026, at which the Company’s management and outside counsel presented its compliance plan. On May 4, 2026, the Company received a letter (the “Decision Letter”) from Nasdaq, informing the Company that the Panel has determined to grant the request of the Company to continue its listing on The Nasdaq Stock Market (“Nasdaq” or the “Exchange”) subject to the conditions described in the Letter.

 

As further disclosed in the Report of Foreign Private Issuer on Form 6-K furnished to the SEC on April 29, 2026, the Company entered into a share purchase agreement pursuant to which the Company agreed to acquire all of the issued and outstanding share capital of Psyga Bio Ltd. (“Psyga”) on a fully diluted basis, subject to the terms and conditions set forth therein (the “Psyga Transaction”) and has secured a commitment of an investment of an amount of up to US$1,500,000 through a private placement to be consummated upon the closing of the Psyga Transaction. The company anticipates closing the Psyga Transaction after shareholders' approval no later than June 29, 2026.

 

According to the Decision Letter, the Panel determined to grant the Company an exception for continued listing on the Exchange subject to that the company will, on or prior to June 30, 2026, complete the Psyga Transaction and demonstrate compliance with all continued listing requirements of Nasdaq. The Company’s successful completion of the share purchase agreement and securing the necessary funding for the transaction played a significant factor in the Panel willingness to grant the exception.

 

The Decision Letter further provides that, during the exception period, the Company is required to promptly notify Nasdaq of any significant events that may affect the Company’s compliance with Nasdaq requirements or its ability to satisfy the terms of the exception granted. The Panel also reserved the right to reconsider the terms of the exception based on any event or circumstance that would, in the Panel’s opinion, make continued listing of the Company’s securities on the Exchange inadvisable or unwarranted. In addition, any compliance document will be subject to review by the Panel, which may, in its discretion, request additional information before determining that the Company has complied with the terms of the exception.

 

In addition, the Decision Letter mentions that the Company was also in violation of Listing Rule 5550(a)(2) (as previously disclosed in the Report of Foreign Private Issuer on Form 6-K furnished to SEC on December 29, 2025) and that the Company’s securities have continued to maintain a closing bid price in excess of $1 since the Company completed a reverse stock split (through ADS ratio change) on March 25, 2026.

 

The Company continues to work toward closing the Psyga Transaction within the timeframe presented to the Panel. The completion of the Psyga Transaction remains subject to the satisfaction of certain closing conditions, including shareholder approval and other conditions set forth in the share purchase agreement. There can be no assurance that the Psyga Transaction will be completed by June 30, 2026 or at all, or that the Company will ultimately regain compliance with Nasdaq Rule 5101 during the exception period or maintain compliance with the other Nasdaq continued listing requirements, including timely filing of its annual report on Form 20-F.

 

Cautionary Note Regarding Forward-Looking Statements

 

This communication 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. Any statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of the Company and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, whether to the Company will be able to negotiate and enter into the definitive agreements with respect to the Transaction, whether all conditions precedent in such definitive agreements will be satisfied, whether the closing of such Transaction will occur and whether the Company will achieve its goals. Additional examples of such risks and uncertainties include, but are not limited to (i) the Company’s ability to successfully manage and integrate any joint ventures, acquisitions of businesses, solutions or technologies; (ii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (iii) the ability to attract and retain qualified employees and key personnel; (iv) adverse effects of increased competition on the Company’s future business; (v) the risk that changes in consumer behavior could adversely affect the Company’s business; (vi) the Company’s ability to protect its intellectual property; (vii) (vii) the Company’s ability to successfully consummate the acquisition of outstanding shares of PsygaBio Ltd, and, if consummated, to successfully manage and integrate Psyga; and (viii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 20-F and current reports on Form 6-K filed by the Company with the Securities and Exchange Commission. The Company anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. The Company assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing the Company’s plans and expectations as of any subsequent date.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: May 7, 2026 XTL BIOPHARMACEUTICALS LTD.
   
  By:  /s/ Noam Band                            
    Noam Band
Chief Executive Officer

 

 

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FAQ

What did Nasdaq decide about XTL Biopharmaceuticals (XTLB) listing status?

Nasdaq’s Hearings Panel granted XTL Biopharmaceuticals a conditional exception to remain listed. The company may keep its Nasdaq listing if it completes the Psyga Bio Ltd. acquisition and demonstrates full compliance with all Nasdaq continued listing requirements by June 30, 2026, under the Panel’s terms.

What is the Psyga Bio transaction mentioned by XTL Biopharmaceuticals (XTLB)?

XTL Biopharmaceuticals agreed to acquire all outstanding shares of Psyga Bio Ltd. on a fully diluted basis. The deal is governed by a share purchase agreement and is paired with a committed private placement of up to US$1,500,000, planned to close when the Psyga transaction is completed.

By when must XTL Biopharmaceuticals (XTLB) complete the Psyga transaction for Nasdaq compliance?

The company anticipates closing the Psyga transaction after shareholder approval and no later than June 29, 2026. Under Nasdaq’s Decision Letter, XTL Biopharmaceuticals must complete the Psyga acquisition and show compliance with all Nasdaq listing requirements on or before June 30, 2026.

Why was XTL Biopharmaceuticals (XTLB) at risk of Nasdaq delisting?

Nasdaq staff believed XTL Biopharmaceuticals qualified as a “public shell” under Listing Rule 5101. The company had also violated Listing Rule 5550(a)(2). Nasdaq initially concluded its American Depositary Shares no longer warranted continued listing, prompting the company to request a hearing and present a compliance plan.

How did XTL Biopharmaceuticals (XTLB) address Nasdaq’s minimum bid price rule?

The company completed a reverse stock split through an ADS ratio change on March 25, 2026. Following this change, XTL Biopharmaceuticals’ securities have maintained a closing bid price greater than US$1, addressing its prior non-compliance with Nasdaq Listing Rule 5550(a)(2) cited in the Decision Letter.

What financing is tied to XTL Biopharmaceuticals (XTLB) Psyga acquisition?

The company secured a commitment for an investment of up to US$1,500,000 via private placement. This financing is expected to be consummated upon closing of the Psyga Bio Ltd. transaction, forming a key part of the compliance plan presented to the Nasdaq Hearings Panel.