Scinai Immunotherapeutics Provides Update Regarding Nasdaq Compliance
Portfolio Pulse from Benzinga Newsdesk
Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI) has received a letter from Nasdaq regarding non-compliance with the requirement to maintain a minimum bid price of $1.00 per share. The company has been given 180 days to regain compliance. This is in addition to a previous deficiency letter regarding non-compliance with the minimum stockholders' equity requirement. Scinai's primary creditor, the European Investment Bank (EIB), is considering adjusting the terms of its financial facility contract with the company, which could positively impact Scinai's shareholders' equity.
November 03, 2023 | 8:32 pm
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Scinai Immunotherapeutics is facing non-compliance issues with Nasdaq's minimum bid price and stockholders' equity requirements. The company's primary creditor, EIB, is considering adjusting the terms of its financial facility contract, which could help Scinai regain compliance.
The news of non-compliance with Nasdaq's requirements could negatively impact investor confidence in Scinai Immunotherapeutics, potentially leading to a decrease in the company's stock price. However, the potential adjustment of the terms of the financial facility contract by EIB could help the company regain compliance, which could mitigate some of the negative impact.
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