BiondVax Pharmaceuticals Ltd. (NASDAQ:BVXV) (“BiondVax”), a biotechnology company focused on developing, manufacturing, and commercializing innovative products for the prevention and treatment of infectious diseases and other illnesses, announced updates regarding two non-compliance letters received from the Nasdaq Stock Market (“Nasdaq”), including one dated October 27, 2022 regarding non-compliance with the requirement to maintain a minimum bid price of $1.00 per share. The company previously disclosed in a press release dated September 30, 2022, receipt of a first letter related to minimum shareholders’ equity.
The Nasdaq letters are only notifications of deficiency and have no immediate effect on the listing or trading of the Company’s American Depository Shares (“ADSs”).
In response to the first notification letter from Nasdaq dated September 28, 2022, the company has submitted a plan to Nasdaq regarding actions by which it may regain compliance with Listing Rule 5550(b)(1) requiring listed Nasdaq companies to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing. The notification letter related to non-compliance was triggered by BiondVax’s Form 6-K/A, dated August 29, 2022, disclosing financial information for the period ended June 30, 2022, which reported shareholders’ equity of $1,277,000. BiondVax’s executive leadership and board of directors believe the plan will enable the Company to regain compliance with the rule and sustain such compliance in the long term.
In addition, on October 27, 2022, the company received a second letter from Nasdaq indicating that, based on the closing bid price of the Company’s ADSs for the last thirty consecutive business days, the company does not meet the requirement to maintain a minimum bid price of $1.00 per share for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days to regain compliance. The letter states that the Nasdaq staff will provide written confirmation that the Company has achieved compliance with Rule 5550(a)(2) if at any time before the 180-day period ends on April 25, 2023 the closing bid price of the Company’s ADSs closes at $1.00 per share or more for a minimum of ten consecutive business days. BiondVax intends to monitor the closing bid price of its ADSs and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement.
