お知らせ • Oct 19
Lipella Pharmaceuticals Appeals Nasdaq Delisting Determination Due to Non-Compliance with the Minimum Bid Price Requirement and Stockholders’ Equity Requirement
As previously disclosed, on April 17, 2024, Lipella Pharmaceuticals Inc. (the ‘Company’) received a letter from the Nasdaq Listing Qualifications staff (the ‘Staff’) of The Nasdaq Stock Market LLC (‘Nasdaq’) stating that, based upon the closing bid price of the Company’s common stock, par value $0.0001 per share (the ‘Common Stock’), for the 30 consecutive business days prior to such letter, the Company was not in compliance with the requirement to maintain a minimum bid price of $1.00 per share of its Common Stock, as set forth in Nasdaq Listing Rule 5550(a)(2) (the ‘Minimum Bid Price Requirement’). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until October 14, 2024, to regain compliance with the Minimum Bid Price Requirement. As also previously disclosed, on August 21, 2024, the Company received a letter from the Staff stating that it was not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on the Nasdaq Capital Market to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing (the ‘Stockholders’ Equity Requirement’). The Company reported stockholders’ equity of $1,703,798 in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and, as a result, did not satisfy the Stockholders’ Equity Requirement. On October 16, 2024, the Company received a letter (the ‘October Letter’) from the Staff stating that although the Company submitted a plan to regain compliance with the Stockholders’ Equity Requirement on October 4, 2024, pursuant to Nasdaq Listing Rule 5810(d)(2), the Company’s failure to comply with the Stockholders’ Equity Requirement serves as a separate and additional reason for delisting from the Company’s failure to comply with the Minimum Bid Price Requirement, and, therefore, the Common Stock will be delisted from the Nasdaq Capital Market unless the Company timely requests an appeal of the Staff’s determination to a Nasdaq Hearings Panel (the ‘Panel’) by October 23, 2024 pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. On October 17, 2024, the Company requested a hearing before the Panel to appeal the Staff’s determination in the October Letter to delist the Common Stock and to address all outstanding matters, including compliance with the Minimum Bid Price Requirement and the Stockholders’ Equity Requirement. The hearing date has been set for December 12, 2024. While the appeal process is pending, the suspension of trading of the Common Stock on the Nasdaq Capital Market will be stayed until the hearing process concludes and the Panel issues a decision. The Company is diligently working to regain compliance with the Stockholders’ Equity Requirement and has already received stockholder approval to effect a reverse split to regain compliance with the Minimum Bid Price Requirement. There can be no assurance of the Company’s ability to satisfy either such requirement or maintain compliance with any other Nasdaq listing requirements, that the Staff will grant an extension of time to regain compliance with either such requirement or that a favorable decision will be obtained from the Panel.