Scinai receives Nasdaq deficiency notice over $2.5 million stockholders' equity rule
BiondVax Pharmaceuticals Ltd., which the filing identifies as the registrant for Scinai (SCNI), received a Nasdaq letter on May 1, 2023 saying it does not meet the $2,500,000 minimum stockholders' equity requirement for the Nasdaq Capital Market. The company reported a stockholders' deficit of $1,760,000 in its 2022 annual report, and the notice has no immediate effect on its ADSs, which continue to trade as BVXV.
- Nasdaq letter dated May 1, 2023 cites the $2,500,000 minimum stockholders' equity requirement under Listing Rule 5550(b)(1).
- Stockholders' deficit of $1,760,000 reported in the 10-K for the year ended December 31, 2022, filed April 17, 2023.
- Compliance plan due to Nasdaq by June 15, 2023; if accepted, Nasdaq may grant 180 calendar days to regain compliance.
- The company does not currently meet Nasdaq's alternative standards for market value of listed securities or net income from continuing operations.