RE: News2 Mar 2022 17:09
From SEC filing:
'On February 22, 2022, Tiziana Life Sciences Ltd. (the “Company”) received a deficiency letter (the “Notice”) from the Listing Qualifications Department
(the “Staff”) of The Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the bid price for the
Company’s common shares had closed below $1.00 per share, which is the minimum closing price required to maintain continued listing on the Nasdaq
Stock Market under Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Requirement”).
The Notice has no immediate effect on the listing of the Company’s common shares on Nasdaq. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the
Company has 180 calendar days to regain compliance with the Minimum Bid Requirement. To regain compliance with the Minimum Bid Requirement, the
closing bid price of the Company’s common shares must be at least $1.00 per share for a minimum of 10 consecutive trading days during this 180-day
compliance period, unless the Staff exercises its discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(G). The compliance period for
the Company will expire on August 22, 2022.
In the event that the Company does not regain compliance within the 180-day compliance period, the Company may be eligible for an additional 180
calendar day compliance period. To qualify, the Company would need to meet the continued listing requirement for market value of publicly held shares
and all other initial listing standards for Nasdaq, with the exception of the Minimum Bid Requirement, and provide written notice to the Staff of its
intention to cure the deficiency during the second compliance period. However, if it appears to the Staff that the Company will not be able to cure the
deficiency, or if the Company does not meet the other listing standards, the Staff could provide notice that the Company’s common shares will become
subject to delisting. In the event the Company receives notice that its common shares is being delisted, the Nasdaq Listing Rules permit the Company to
appeal any such delisting determination by the Staff to a Hearings Panel.
The Company intends to actively monitor the closing bid price of its common shares and is evaluating available options to regain compliance with the
Minimum Bid Requirement. There can be no assurance that the Company will be able to regain compliance with the Minimum Bid Requirement or that the
Company will otherwise remain in compliance with the other listing standards for the Nasdaq Stock Market'
BB
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