LONDON, March 15,
2024 /PRNewswire/ -- Virax Biolabs Group Limited
(NASDAQ: VRAX) ("Virax" or the "Company"), an innovative
biotechnology company focused on the detection of immune responses
and diagnosis of viral diseases, announced that it received a
notice from The Nasdaq Stock Market LLC ("Nasdaq") dated
March 13, 2024, notifying the Company
that it is not in compliance with the minimum bid price
requirement as set forth under NASDAQ Listing Rule 5550(a)(2)(the
"Minimum Bid Price Rule") for continued listing on the
NASDAQ.
NASDAQ Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of $1.00 per share, and
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.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of one hundred eighty (180) calendar days, or
until September 9, 2024 (the "Compliance Period"), to regain
compliance with Nasdaq's minimum bid price requirement. If at any
time during the Compliance Period, the closing bid price per share
of the Company's ordinary shares is at least $1.00 for a minimum of
ten (10) consecutive business days, Nasdaq will provide the Company
a written confirmation of compliance and the matter will be
closed. In the event the Company does not regain compliance by
September 9, 2024, the Company may be eligible for an additional
180 calendar day grace period.
The Nasdaq notification letter does not result in the immediate
delisting of the Company's ordinary shares, and the shares will
continue to trade uninterrupted under the symbol "VRAX."
About Virax Biolabs Group Limited.
Virax Biolabs Group Limited is an innovative biotechnology
company focused on the detection of immune responses to and
diagnosis of viral diseases. In addition to distributing an array
of in-vitro diagnostic test kits, Virax Biolabs Group Limited is
currently developing T cell based test technologies with the
intention of providing an immunology profiling platform. T cell
testing can be particularly effective in the diagnosis and
therapeutics of Long COVid as well as chronic inflammation and
other post viral syndromes including myalgic encephalomyelitis,
Hepaitis B, Malaria, Herpes and Human Papillomavirus.
For more information, please
visit www.viraxbiolabs.com.
Caution Concerning Forward Looking Statements:
This press release contains forward-looking statements. In
addition, from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future
events or our future performance, including: our financial
performance and projections; our growth in revenue and earnings;
and our business prospects and opportunities. You can identify
forward-looking statements by those that are not historical in
nature, particularly those that use terminology such as "may,"
"should," "expects," "anticipates," "contemplates," "estimates,"
"believes," "plans," "projected," "predicts," "potential," or
"hopes" or the negative of these or similar terms. In evaluating
these forward-looking statements, you should consider various
factors, including: our ability to change the direction of the
Company; our ability to keep pace with new technology and changing
market needs; and the competitive environment of our business.
These and other factors may cause our actual results to differ
materially from any forward-looking statement. Forward-looking
statements are only predictions. The forward-looking events
discussed in this press release and other statements made from time
to time by us or our representatives, may not occur, and actual
events and results may differ materially and are subject to risks,
uncertainties, and assumptions about us. These forward-looking
statements are based on information currently available to Virax
and its current plans or expectations and are subject to a number
of known and unknown uncertainties, risks and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These and other important factors are
described in detail in the "Risk Factors" section of Virax's Annual
Report on Form 20-F for the year ended March 31, 2023.
Although we believe the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct. We are not
obligated to publicly update or revise any forward-looking
statement, whether as a result of uncertainties and assumptions,
the forward-looking events discussed in this press release and
other statements made from time to time by us or our
representatives might not occur.
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SOURCE Virax Biolabs