NeuBase Therapeutics Announces Receipt of Notice from Nasdaq
- None.
- Potential non-compliance with Nasdaq listing requirements due to delayed Annual Report filing may impact investor confidence and stock performance.
Receiving a non-compliance notice from Nasdaq is a significant red flag for investors, indicating potential internal issues within NeuBase Therapeutics, such as operational inefficiencies or financial discrepancies. It's essential to monitor how the market reacts to such news. A delay in filing an Annual Report can lead to increased volatility in the company's stock price as investors reassess risk profiles. The company's ability to submit a convincing compliance plan within the stipulated 60-day period will be critical. If they fail to do so, the risk of delisting could further impact investor confidence and liquidity of the stock.
The notice from Nasdaq serves as a procedural reminder of the stringent regulatory environment public companies operate within. Non-compliance can lead to severe consequences, including delisting. However, it is important to note that the notice itself does not immediately affect the company's stock listing, which gives NeuBase a window to rectify the situation. The legal team at NeuBase must navigate the compliance landscape effectively to avoid further legal complications. Investors should be aware of the repercussions of non-compliance, such as potential investigations or fines, which could affect the company's financial health and operational capabilities.
Instances of non-compliance with Nasdaq's listing requirements can serve as a bellwether for underlying issues that may not be apparent on the surface. It's important to analyze peer companies within the biotech sector to determine if this is an isolated incident or part of a broader trend. The impact on NeuBase's reputation and its ability to attract future capital could be substantial. Investors might look at market sentiment and analyst ratings to gauge the long-term implications. The company's subsequent actions to address the notice will be telling of its management's capability to handle regulatory hurdles and maintain investor trust.
PITTSBURGH, April 05, 2024 (GLOBE NEWSWIRE) -- NeuBase Therapeutics, Inc. (Nasdaq: NBSE) (“NeuBase” or the “Company”) today reported that it received a notice (the “Notice) on April 4, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the “Rule”) as a result of its failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”) in a timely manner.
This Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market. Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice, or until June 3, 2024, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-K, or until September 30, 2024, to regain compliance with the Rule.
Use of Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are distinguished by the use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “project,” or “intend,” the negative of these terms, and similar references to future periods. These forward-looking statements include, without limitation, statements relating to our continued listing on Nasdaq and any exception that may be granted by Nasdaq. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including those risk factors contained in our filings with the U.S. Securities and Exchange Commission (the “SEC”), may cause our actual results to differ from those expressed in forward-looking statements. The Company may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Because such statements deal with future events and are based on the Company's current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of the Company could differ materially from those described in or implied by the statements in this press release, including: risks relating to the contemplated dissolution and liquidation of the Company, whether the Company’s cash resources will be sufficient to fund the Company’s foreseeable and unforeseeable operating expenses, as well as those risk factors contained in our filings with the SEC. Except as otherwise required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
NeuBase Investor Contact:
Todd Branning
Chief Financial Officer
tbranning@neubasetherapeutics.com
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