Announcement • May 28

+ 1 more update

DNA X, Inc. Receives Nasdaq Delisting Determination Letter and Intends to Request Hearing

As previously disclosed, on August 22, 2025, DNA X, Inc. received a letter from the staff of the Nasdaq Listing Qualifications Department (the Staff) notifying the Company that it was not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on the Nasdaq Capital Market to maintain stockholders' equity of at least $2,500,000 (the Stockholders' Equity Requirement). Subsequently, on February 20, 2026, the Company received a letter from the Staff notifying the Company that the Staff had determined that the Company had regained compliance with the Stockholders' Equity Requirement and stating that the Company may be subject to delisting if the Company failed to evidence compliance with the Stockholders' Equity Requirement upon the filing of its next periodic report following the date of such notification. The Company reported stockholders' deficit of $983,000 in its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2026, and, as a result, it was not in compliance with the Stockholders' Equity Requirement. On May 22, 2026, the Company received a delisting determination letter from the Staff advising the Company that unless the Company requests a hearing before a Nasdaq Hearing Panel (the Panel) to appeal Nasdaq's delisting determination by May 29, 2026, trading of the Company's common stock will be suspended at the opening of business on June 2, 2026. The Company intends to timely request a hearing before the Panel, at which it will request a suspension of delisting pending its return to compliance. Pursuant to Nasdaq Listing Rule 5815(a)(1)(B), the hearing request will stay the suspension of trading and delisting of the common stock pending the conclusion of the hearing process. As a result, the Company expects the common stock to remain listed on the Nasdaq Capital Market at least until the Panel renders a decision following the hearing. There can be no assurance that the Company will be able to regain compliance with the Stockholders' Equity Requirement or will otherwise be in compliance with other applicable Nasdaq listing rules, that the Panel will grant the Company's request for a suspension of delisting on Nasdaq, or that the Company's appeal of the delisting determination will be successful. If the Company's common stock is delisted from Nasdaq, it could be more difficult to buy or sell the Company's common stock or to obtain accurate quotations, and the price of the Company's common stock could suffer a material decline. Delisting could also impair the Company's ability to raise capital and/or trigger defaults and penalties under outstanding agreements or securities of the Company.

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