Cellect Biotechnology Announces Receipt of Nasdaq Minimum Bid Price Notification
May 16 2019 - 7:00AM
Cellect Biotechnology Ltd. (Nasdaq: APOP), a developer of a novel
stem cell production technology, announced today it has received
notification from The Nasdaq Stock Market, LLC that it is not in
compliance with the minimum bid price requirements set forth in
Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq
Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed
securities to maintain a minimum bid price of $1.00 per share, and
Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet
the minimum bid price requirement exists if the deficiency
continues for a period of 30 consecutive business days. Based on
the closing bid price of the Company’s American Depositary Shares
(ADSs) for the 30 consecutive business days prior to the date of
the notification letter from Nasdaq, the Company no longer meets
the minimum bid price requirement. The notification letter has no
immediate effect on the listing or trading of the Company’s ADSs on
The Nasdaq Capital Market and, at this time, the ADSs will continue
to trade on The Nasdaq Capital Market under the symbol “APOP.”
The notification letter provides that the
Company has 180 calendar days, or until November 11, 2019, to
regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain
compliance, the bid price of the Company's ADSs must have a closing
bid price of at least $1.00 per share for a minimum of 10
consecutive business days (Nasdaq may monitor the price for as long
as 20 consecutive business days prior to making a final compliance
determination). If the Company does not regain compliance by
November 11, 2019, an additional 180 days may be granted to regain
compliance, so long as the Company meets The Nasdaq Capital Market
listing requirements (except for the bid price requirement) and
notifies Nasdaq in writing of its intention to cure the deficiency
during the second compliance period by effecting a reverse share
split or adjusting the ADS ratio, if necessary. If the Company does
not qualify for the second compliance period or fails to regain
compliance during the second 180-day period, then Nasdaq will
notify the Company of its determination to delist the Company's
ADSs, at which point the Company will have an opportunity to appeal
the delisting determination to a Hearings Panel.
The Company intends to monitor the closing bid
price of its ADSs and may, if appropriate, consider implementing
available options, including, but not limited to, implementing a
reverse share split or adjusting the ADS ratio, to regain
compliance with the minimum bid price requirement under the Nasdaq
Listing Rules.
About Cellect Biotechnology Ltd.
Cellect Biotechnology (Nasdaq: APOP) has
developed a breakthrough technology, for the selection of stem
cells from any given tissue, that aims to improve a variety of stem
cell-based therapies.
The Company's technology is expected to provide
researchers, clinical community and pharma companies with the tools
to rapidly isolate stem cells in quantity and quality allowing stem
cell-based treatments and procedures in a wide variety of
applications in regenerative medicine. The Company's current
clinical trial is aimed at bone marrow transplantations in cancer
treatment.
Forward Looking Statements
This press release contains forward-looking
statements about the Company's expectations, beliefs and
intentions. Forward-looking statements can be identified by the use
of forward-looking words such as "believe", "expect", "intend",
"plan", "may", "should", "could", "might", "seek", "target",
"will", "project", "forecast", "continue" or "anticipate" or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. These forward-looking statements and their
implications are based on the current expectations of the
management of the Company only and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
In addition, historical results or conclusions from scientific
research and clinical studies do not guarantee that future results
would suggest similar conclusions or that historical results
referred to herein would be interpreted similarly in light of
additional research or otherwise. The following factors, among
others, could cause actual results to differ materially from those
described in the forward-looking statements: the Company's history
of losses and needs for additional capital to fund its operations
and its inability to obtain additional capital on acceptable terms,
or at all; the Company's ability to continue as a going concern;
uncertainties of cash flows and inability to meet working capital
needs; the Company's ability to obtain regulatory approvals; the
Company's ability to obtain favorable pre-clinical and clinical
trial results; the Company's technology may not be validated and
its methods may not be accepted by the scientific community;
difficulties enrolling patients in the Company's clinical trials;
the ability to timely source adequate supply of FasL; risks
resulting from unforeseen side effects; the Company's ability to
establish and maintain strategic partnerships and other corporate
collaborations; the scope of protection the Company is able to
establish and maintain for intellectual property rights and its
ability to operate its business without infringing the intellectual
property rights of others; competitive companies, technologies and
the Company's industry; unforeseen scientific difficulties may
develop with the Company's technology; and the Company's ability to
retain or attract key employees whose knowledge is essential to the
development of its products. Any forward-looking statement in this
press release speaks only as of the date of this press release. The
Company undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws. More detailed information about the
risks and uncertainties affecting the Company is contained under
the heading "Risk Factors" in Cellect Biotechnology Ltd.'s Annual
Report on Form 20-F for the fiscal year ended December 31, 2018
filed with the U.S. Securities and Exchange Commission, or SEC,
which is available on the SEC's website, www.sec.gov, and in the
Company's periodic filings with the SEC.
Contact Cellect Biotechnology
Ltd. Dr. Shai Yarkoni, Chief Executive Officer
www.cellect.co +972-9-974-1444
Or
EVC Group LLC Michael Polyviou / Sarah Scouten, PhD
(732) 933-2754 / (716) 352-7379 cellect@evcgroup.com /
sscouten@evcgroup.com
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