Bioblast Pharma Ltd. Announces Receipt of Nasdaq Notification Regarding Minimum Stockholders’ Equity Non-Compliance
January 11 2019 - 4:05PM
Bioblast Pharma Ltd. (NasdaqCM: ORPN) (“Bioblast” or the
“Company”), a clinical-stage, orphan disease-focused biotechnology
company, announced today that it received a written notification
from the Listing Qualifications Department of The Nasdaq Capital
Market (“Nasdaq”) notifying the Company that Nasdaq has determined
that Bioblast’s stockholders’ equity does not comply with the
minimum $2,500,000 stockholders’ equity requirement for continued
listing on The Nasdaq Capital Market, as set forth in Nasdaq
Listing Rule 5550(b)(1).
The Nasdaq notification does not affect the
listing of the Company’s ordinary shares at this time.
The notification provides the company has until
February 22, 2019, or 45 calendar days from the date of the
notification, to submit to Nasdaq a plan to regain compliance with
Nasdaq Listing Rule 5550(b)(1). The Company currently anticipates
timely submitting such a plan to Nasdaq. If the plan is accepted,
Nasdaq may grant an extension of up to 180 calendar days from the
date of the notification for the Company to provide evidence of
compliance. If the plan is not accepted or the Company is not
granted an extension, Nasdaq staff could provide notice that the
Company’s ordinary shares will become subject to delisting. In such
event the Company may appeal the decision to reject its proposed
compliance plan or any delisting determination to a Nasdaq Hearings
Panel.
On November 19, 2018, the Company announced the
entry into a definitive agreement to acquire Enlivex Therapeutics
Ltd. (the “Transaction”). The closing of the Transaction is
expected to take place during the first quarter of 2019, and, upon
closing, the Company expects to regain compliance with the minimum
$2,500,000 stockholders’ equity requirement for continued listing
on the Nasdaq Capital Market, subject to Nasdaq’s approval of the
Company’s new listing application required in connection with the
Transaction. On December 27, 2018, the shareholders of the Company
approved requisite resolutions required to consummate the
Transaction.
About Bioblast Bioblast
(NasdaqCM: ORPN) is a clinical-stage biotechnology company
committed to developing clinically meaningful therapies for
patients with rare and ultra-rare genetic diseases. For more
information, please visit our website: www.bioblastpharma.com, the
content of which is not incorporated herein by reference.
Forward Looking Statements This
press release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 and other Federal securities laws.
For example, the Company is using forward-looking statements when
it discusses submission of a plan to regain compliance with Nasdaq,
that such plan will be accepted, the Company’s plan to close the
Transaction and timing thereof, as well as that the Company is
expected to regain compliance with Nasdaq listing rules upon
closing of the Transaction. Because such statements deal with
future events and are based on Bioblast’s current expectations,
they are subject to various risks and uncertainties and actual
results, performance or achievements of Bioblast could differ
materially from those described in or implied by the statements in
this press release, including those discussed under the heading
“Risk Factors” in Bioblast’s Annual Report on Form 20-F filed with
the Securities and Exchange Commission (“SEC”) on April 24, 2018
and Exhibit 99.2 to Bioblast’s Report on Form 6-K furnished to the
SEC on December 6, 2018, and in any subsequent filings with the
SEC. Except as otherwise required by law, Bioblast 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.
Contacts:
Bioblast Pharma, Ltd.
Dr. Dalia Megiddo, Interim CEO
dalia@bioblast-pharma.com
Bioblast Pharma Ltd. (NASDAQ:ORPN)
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