ZÜRICH - NLS Pharmaceutics Ltd. (NASDAQ:NLSP), a Swiss biopharmaceutical company, has submitted a plan to regain compliance with the Nasdaq Capital Market's minimum stockholders' equity standard. The company, which specializes in developing treatments for central nervous system disorders, faced non-compliance after receiving a notification from Nasdaq on January 9, 2024.
Nasdaq Listing Rule 5550(b)(1) stipulates that companies must maintain stockholders' equity of at least $2.5 million. NLS's submission of the compliance plan was timely, and if approved, Nasdaq may allow up to 180 days, until July 8, 2024, for the company to demonstrate adherence to the listing rule.
Founded in 2015, NLS Pharmaceutics is engaged in the discovery and development of novel therapies for patients with rare and complex neurological conditions. The company operates globally, collaborating with a network of partners and scientists to address unmet medical needs.
The press release also includes forward-looking statements regarding the company's potential to regain compliance with Nasdaq's continued listing requirements. However, these statements are subject to various factors and uncertainties that could cause actual results to differ from those projected. NLS has cautioned that changes in technology, market requirements, and potential delays in clinical trials, among other risks, could impact their operations and the validity of these forward-looking statements.
This development is based on a press release statement and reflects the company's current efforts to maintain its position on the Nasdaq Capital Market.
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