Evaxion Receives Nasdaq Notification
10 Mayo 2024 - 4:00PM
Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion” or the “Company”), a
clinical-stage TechBio company specializing in developing
AI-Immunology™ powered vaccines, today announced that on May 7,
2024, it received a letter (the “Letter”) from the Nasdaq Stock
Market LLC (“Nasdaq”) Listing Qualifications Department notifying
the Company that it is not currently in compliance with the minimum
stockholders’ equity requirement.
Nasdaq Listing Rule 5550(b)(1) requires listed
companies to maintain stockholders’ equity of at least $2,500,000.
In the Company’s Form 20-F for the fiscal year ended December 31,
2023, the Company reported stockholders’ equity of ($4,729,000).
The Company has determined that its current deficiency in minimum
stockholder’s equity is a result of the IFRS accounting treatment
of its investor warrants that are treated as a derivative
liability, hence reducing equity. The Company is working on
mitigating the impact of this accounting treatment to ensure full
compliance with Nasdaq listing rules. Nasdaq has also determined
that the Company does not meet the alternatives of market value of
listed securities or net income from continuing operations for
continued listing. In accordance with Nasdaq Rule 5810(c)(2)(A),
the Company has 45 calendar days from the date of the Letter, or
until June 21, 2024, to submit a plan to regain compliance. If the
plan is accepted, Nasdaq can grant an extension of up to 180
calendar days from the date of the Letter, or until November 03,
2024, to evidence compliance.
The Company’s business operations are not
affected by the receipt of the Letter. The Company is looking into
various options available to regain compliance and maintain its
continued listing on the Nasdaq Capital Market. The Company intends
to submit the compliance plan as soon as practicable.
The notification letter has no immediate impact
on the listing of the Company’s ordinary shares, which will
continue to be listed and traded on The Nasdaq Capital Market
during this period, subject to the Company’s compliance with other
listing standards.
About EVAXION
Evaxion Biotech A/S is a pioneering TechBio
company based upon its AI platform, AI-Immunology™. Evaxion’s
proprietary and scalable AI prediction models harness the power of
artificial intelligence to decode the human immune system and
develop novel immunotherapies for cancer, bacterial diseases, and
viral infections. Based upon AI-Immunology™, Evaxion has developed
a clinical-stage oncology pipeline of novel personalized vaccines
and a preclinical infectious disease pipeline in bacterial and
viral diseases with high unmet medical needs. Evaxion is committed
to transforming patients’ lives by providing innovative and
targeted treatment options. For more information about Evaxion and
its groundbreaking AI-Immunology™ platform and vaccine pipeline,
please visit our website.
Forward-Looking Statement
This announcement 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. The words “target,” “believe,”
“expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,”
“contemplate,” “continue,” “estimate,” “plan,” “potential,”
“predict,” “project,” “will,” “can have,” “likely,” “should,”
“would,” “could,” and other words and terms of similar
meaning identify forward-looking statements. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various factors,
including, but not limited to, risks related to: our financial
condition and need for additional capital; our development work;
cost and success of our product development activities and
preclinical and clinical trials; commercializing any approved
pharmaceutical product developed using our AI platform technology,
including the rate and degree of market acceptance of our product
candidates; our dependence on third parties including for conduct
of clinical testing and product manufacture; our inability to enter
into partnerships; government regulation; protection of our
intellectual property rights; employee matters and managing growth;
our ADSs and ordinary shares, the impact of international
economic, political, legal, compliance, social and business
factors, including inflation, and the effects on our business
from the worldwide ongoing COVID-19 pandemic and the ongoing
conflict in the region
surrounding Ukraine and Russia and the Middle
East; and other uncertainties affecting our business
operations and financial condition. For a further discussion
of these risks, please refer to the risk factors included in our
most recent Annual Report on Form 20-F and other
filings with the U.S. Securities and Exchange Commission
(SEC), which are available
at www.sec.gov. We do not assume any
obligation to update any forward-looking statements except as
required by law.
Contact Information
Evaxion Biotech A/S
Christian Kanstrup
Chief Executive Officer
cka@evaxion-biotech.com
Source: Evaxion Biotech
Evaxion Biotech AS (NASDAQ:EVAX)
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