Scinai Immunotherapeutics (NASDAQ: SCNI) is a biopharmaceutical company focused on developing inflammation and immunology (“I&I”) biological products and providing CDMO services through its Scinai Bioservices business unit. The company today announced that it has received a staff determination letter on April 30, 2024, from the Listing Qualifications Department of the Nasdaq Stock Market LLC. In the letter, Nasdaq notified the company that, due to its non-compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), the company’s American Depositary Shares (“ADSs”) would be scheduled for delisting from the Nasdaq Capital Market and would be suspended for trading at the opening of business on May 7, 2024, unless the company timely requests a hearing before an independent Nasdaq Hearings Panel. Scinai appealed the delisting determination and requested a hearing before the panel. In addition, the company also announced that its board of directors has approved a ratio change of the ADSs to its non-traded ordinary shares, increasing the number of ordinary shares represented by each ADS from 400 to 4,000, which is equivalent to a reverse split of 1 for 10. No action is required by the holders of the ADSs to affect the ratio change, and no fractional new ADSs will be issued in connection with the change in ADS ratio.
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About Scinai Immunotherapeutics Ltd.
Scinai is a biopharmaceutical company with two complementary business units. One is focused on in-house development of inflammation and immunology (“I&I”) biological therapeutic products beginning with an innovative, de-risked pipeline of nanosized VHH antibodies (“NanoAbs”) targeting diseases with large unmet medical needs. The second business unit is a boutique CDMO providing biological drug development, analytical methods development, clinical GMP manufacturing, and pre-clinical and clinical trial design and execution services to early-stage biotech companies. For more information, visit the company’s website at www.Scinai.com.
NOTE TO INVESTORS: The latest news and updates relating to SCNI are available in the company’s newsroom at https://ibn.fm/SCNI
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