Abeona Therapeutics Granted Second 180-Day Period by Nasdaq to Regain Compliance with Minimum Bid Price Rule
May 19 2022 - 7:30AM
Abeona Therapeutics Inc. (Nasdaq: ABEO), a fully-integrated leader
in cell and gene therapy, today announced that the Company has been
granted an additional 180-day period from Nasdaq’s Listing
Qualification Department, through November 14, 2022, to regain
compliance with the $1.00 minimum bid price requirement for
continued listing on The Nasdaq Capital Market. The Company's
common stock continues to trade on the Nasdaq Capital Market under
the symbol "ABEO."
If at any time until November 14, 2022, the
closing bid price of the Company’s common stock is at or above
$1.00 per share for a minimum of 10 consecutive trading days,
Nasdaq will provide the Company with written confirmation of
compliance. If compliance cannot be demonstrated during the
additional 180-day grace period, Nasdaq will provide written
notification that the common stock will be subject to delisting. At
such time, the Company may appeal the determination to a Nasdaq
Hearings Panel. The Company's common stock would remain listed
pending the completion of the appeal process.
As part of the Company’s strategy to regain
compliance with Nasdaq’s minimum bid price requirement, Abeona
intends to seek approval of a reverse stock split of the
outstanding shares of common stock at a Special Meeting of
stockholders at 10:00 am ET on June 14, 2022. Stockholders as of
May 3, 2022, the record date, are entitled to attend the online
Special Meeting, view the proxy statement and vote at:
www.virtualshareholdermeeting.com/ABEO2022SM.
About Abeona Therapeutics
Abeona Therapeutics Inc. is a clinical-stage biopharmaceutical
company developing cell and gene therapies for serious diseases.
Abeona’s lead clinical program is EB-101, its investigational
autologous, gene-corrected cell therapy for recessive dystrophic
epidermolysis bullosa in Phase 3 development. The Company’s
development portfolio also features AAV-based gene therapies for
ophthalmic diseases with high unmet medical need. Abeona’s novel,
next-generation AAV capsids are being evaluated to improve tropism
profiles for a variety of devastating diseases. Abeona’s fully
integrated cell and gene therapy cGMP manufacturing facility
produces EB-101 for the pivotal Phase 3 VIITAL™ study and is
capable of clinical and potential commercial production of
AAV-based gene therapies. For more information, visit
www.abeonatherapeutics.com.
Forward-Looking StatementsThis
press release contains certain statements that are forward-looking
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and that involve risks and uncertainties. We have
attempted to identify forward-looking statements by such
terminology as “may,” “will,” “believe,” “estimate,” “expect,” and
similar expressions (as well as other words or expressions
referencing future events, conditions or circumstances), which
constitute and are intended to identify forward-looking statements.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, numerous risks and uncertainties, including but not
limited to, our ability to regain compliance with the $1.00 minimum
bid price requirement for continued listing on The Nasdaq Capital
Market; the potential impacts of the COVID-19 pandemic on our
business, operations, and financial condition; continued interest
in our rare disease portfolio; our ability to potentially
commercialize our EB-101 product candidate; our ability to enroll
patients in clinical trials; the outcome of any future meetings
with the U.S. Food and Drug Administration or other regulatory
agencies; the impact of competition; the ability to achieve or
obtain necessary regulatory approvals; the impact of changes in the
financial markets and global economic conditions; risks associated
with data analysis and reporting; reducing our operating expenses
and extending our cash runway; our ability to execute our operating
plan and achieve important anticipated milestones; and other risks
disclosed in the Company’s most recent Annual Report on Form 10-K
and other periodic reports filed with the Securities and Exchange
Commission. The Company undertakes no obligation to revise the
forward-looking statements or to update them to reflect events or
circumstances occurring after the date of this press release,
whether as a result of new information, future developments or
otherwise, except as required by the federal securities laws.
Investor and Media Contact:
Greg Gin
VP, Investor Relations and Corporate Communications
Abeona Therapeutics
ir@abeonatherapeutics.com
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