Evaxion Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
05 Octubre 2023 - 7:30AM
Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion” or the “Company”), a
clinical-stage biotechnology company specializing in the
development of AI-powered immunotherapies, announced today that the
Company received a letter (the “Notification Letter”) on September
29, 2023 from the Listings Qualifications Department of the Nasdaq
Stock Market LLC (“Nasdaq”) indicating that, for the last thirty
consecutive business days, the bid price for the Company’s American
Depositary Shares (“ADSs”) had closed below the minimum $1.00 per
share requirement for continued listing on the Nasdaq Global Market
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, or until March 27, 2024, to regain compliance.
The letter states that the Nasdaq staff will provide written
notification that the Company has achieved compliance with Rule
5550(a)(2) if at any time before March 27, 2024, the bid price of
the Company’s ADSs closes at $1.00 per share or more for a minimum
of ten consecutive business days. The Nasdaq letter is only a
notification of deficiency and has no immediate effect on the
listing or trading of the Company’s ADSs and the ADSs will continue
to trade on the Nasdaq Global Market under the symbol “EVAX.” The
Company’s business operations are not affected by the receipt of
the Notification Letter.
The Company intends to monitor the bid price of
its ADSs between now and March 27, 2024, and to evaluate its
available options to regain compliance with Nasdaq’s minimum bid
price rule within the compliance period, including, but not limited
to, implementing a reverse share split of its outstanding ordinary
shares.
If the Company does not regain compliance with
Rule 5550(a)(2) by March 27, 2024, the Company may be eligible for
an additional 180 calendar day compliance period. To qualify, the
Company would be required meet the continued listing requirement
for market value of publicly held shares and all other initial
listing standards for the Nasdaq Capital Market, with the exception
of the bid price requirement, and would need to provide written
notice of its intention to cure the deficiency during the second
compliance period.
The Company fully intends to resolve the
deficiency and regain compliance with the Listing Rules.
About EVAXION Evaxion Biotech A/S
is a clinical-stage biotech company developing world-leading AI
platforms. Evaxion's proprietary and scalable technologies harness
the power of artificial intelligence to decode the human immune
system and develop novel immunotherapies for cancer, bacterial
diseases, and viral infections. The company is committed to
transforming patients' lives with unmet clinical needs by providing
innovative and targeted treatment options. For more information
about Evaxion and its groundbreaking immunotherapies, please visit
www.evaxion-biotech.com.
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 COVID-19 pandemic and the ongoing conflict in the region
surrounding Ukraine and Russia; 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
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