Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Alzamend Neuro secures Nasdaq listing extension

EditorNatashya Angelica
Published 05/22/2024, 12:23 PM
ALZN
-

ATLANTA - Alzamend Neuro, Inc. (NASDAQ:ALZN), a clinical-stage biopharmaceutical company, has received approval from the Nasdaq Hearings Panel to continue its listing on The Nasdaq Capital Market. The decision is contingent upon the company demonstrating compliance with the Nasdaq's Stockholder Equity Rule, which requires a minimum stockholder equity of $2.5 million, by September 23, 2024.

The CEO of Alzamend, Stephan Jackman, expressed gratitude towards the Panel for granting the extension, which allows the company additional time to meet the necessary financial criteria. Jackman affirmed Alzamend's commitment to adhering to the compliance plan presented to the Panel and conveyed excitement about maintaining the company's presence on the Nasdaq.

Alzamend Neuro is engaged in developing treatments for Alzheimer's disease, bipolar disorder, major depressive disorder, and post-traumatic stress disorder. The company's pipeline includes two novel therapeutic drug candidates: AL001, which uses ionic cocrystal technology to deliver lithium, and ALZN002, a cell-based therapeutic vaccine aimed at combating Alzheimer's.

The company's progress and compliance efforts are documented in public filings and press releases, which are accessible to stockholders, investors, and other interested parties under the Investor Relations section of Alzamend's website or through the U.S. Securities and Exchange Commission.

This announcement is based on a press release statement from Alzamend Neuro, Inc. The company's forward-looking statements involve predictions based on current expectations and are subject to risks and uncertainties.

Alzamend has stated that it does not intend to update any forward-looking statements publicly, regardless of new information or future events, and acknowledges that actual results could materially differ from those projected.

InvestingPro Insights

As Alzamend Neuro, Inc. (NASDAQ:ALZN) works towards meeting the Nasdaq's Stockholder Equity Rule, investors are keeping a close eye on the company's financial health and market performance. According to InvestingPro data, Alzamend's market capitalization currently stands at a modest $4.33 million. The company's price-to-earnings (P/E) ratio is deeply negative at -0.34, reflecting the market's sentiments about its profitability challenges.

InvestingPro Tips suggest that Alzamend is rapidly depleting its cash reserves and is grappling with weak gross profit margins. These factors contribute to analysts' expectations that the company will not achieve profitability within this year. Moreover, Alzamend's short-term obligations surpass its liquid assets, indicating potential liquidity risks.

Alzamend's stock price performance has also been a cause for investor concern. Over the last year, the company's stock price has plummeted by an alarming 91.93%, and it is currently trading at only 5.29% of its 52-week high. Despite these challenges, the company has a fair value estimate of $0.78 according to InvestingPro's fair value assessment, which could suggest a potential undervaluation at its recent closing price of $0.63.

For those interested in a deeper analysis of Alzamend Neuro, Inc., there are additional InvestingPro Tips available that provide a comprehensive look at the company's financial and market performance. To explore these insights and make informed investment decisions, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. With a total of 9 additional tips listed on InvestingPro, investors can gain a more nuanced understanding of the company's financial trajectory and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.