AgeX Therapeutics Receives Stock Exchange Deficiency Letter
June 05 2020 - 4:15PM
Business Wire
AgeX Therapeutics, Inc. (“AgeX”: NYSE American: AGE), a
biotechnology company developing therapeutics for human aging and
regeneration, announced today that on June 1, 2020 AgeX received a
Deficiency Letter from the staff of the NYSE American (the
“Exchange”) indicating that AgeX does not meet certain of the
Exchange’s continued listing standards as set forth in Section
1003(a)(i) of the Exchange Company Guide in that AgeX has
stockholders equity of less than $2,000,000 and has incurred losses
from continuing operations and/or net losses during its two most
recent fiscal years. Pursuant to Section 1009 of the Exchange
Company Guide and as provided in the Deficiency Letter AgeX intends
to provide the Exchange staff with a plan by July 1, 2020 advising
the Exchange staff of action AgeX has taken and will take that
would bring AgeX into compliance with the Exchange’s continued
listing standards by December 1, 2021.
There is no assurance that the Exchange staff will accept AgeX’s
Plan. If the Exchange staff accepts AgeX’s plan, the Exchange staff
will review AgeX’s compliance with the plan on a quarterly basis
and if AgeX does not show progress consistent with the plan or is
not in compliance with the Exchange’s continued listing standards
by December 1, 2021, the Exchange will commence delisting
procedures. If the Exchange staff does not accept AgeX’s plan, the
Exchange staff will promptly initiate delisting proceedings.
AgeX intends to make arrangements to have its common stock
quoted on the OTC Bulletin Board if its common stock is delisted
from the NYSE American.
About AgeX Therapeutics
AgeX Therapeutics, Inc. (NYSE American: AGE) is focused on
developing and commercializing innovative therapeutics for human
aging. Its PureStem® and UniverCyte™ manufacturing and
immunotolerance technologies are designed to work together to
generate highly defined, universal, allogeneic, off-the-shelf
pluripotent stem cell-derived young cells of any type for
application in a variety of diseases with a high unmet medical
need. AgeX has two preclinical cell therapy programs: AGEX-VASC1
(vascular progenitor cells) for tissue ischemia and AGEX-BAT1
(brown fat cells) for Type II diabetes. AgeX’s revolutionary
longevity platform induced Tissue Regeneration (iTR™) aims to
unlock cellular immortality and regenerative capacity to reverse
age-related changes within tissues. AGEX-iTR1547 is an iTR-based
formulation in preclinical development. HyStem® is AgeX’s delivery
technology to stably engraft PureStem cell therapies in the body.
AgeX’s core product pipeline is intended to extend human
healthspan. AgeX is seeking opportunities to establish licensing
and collaboration arrangements around its broad IP estate and
proprietary technology platforms and therapy product
candidates.
For more information, please visit www.agexinc.com or connect
with the company on Twitter, LinkedIn, Facebook, and YouTube.
Forward-Looking Statements
Certain statements contained in this release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Any statements that are
not historical fact including, but not limited to statements that
contain words such as “will,” “believes,” “plans,” “anticipates,”
“expects,” “estimates” should also be considered forward-looking
statements. Forward-looking statements involve risks and
uncertainties. Actual results may differ materially from the
results anticipated in these forward-looking statements and as such
should be evaluated together with the many uncertainties that
affect the business of AgeX Therapeutics, Inc. and its
subsidiaries, particularly those mentioned in the cautionary
statements found in more detail in the “Risk Factors” section of
AgeX’s most recent Annual Report on Form 10-K and Quarterly Report
on Form 10-Q filed with the Securities and Exchange Commissions
(copies of which may be obtained at www.sec.gov). Subsequent events
and developments may cause these forward-looking statements to
change. AgeX specifically disclaims any obligation or intention to
update or revise these forward-looking statements as a result of
changed events or circumstances that occur after the date of this
release, except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200605005491/en/
Andrea Park Chief Financial Officer AgeX Therapeutics, Inc. Tel:
(510) 671-8620 apark@agexinc.com
AgeX Therapeutics (AMEX:AGE)
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