{"id":785672,"date":"2023-09-22T08:11:30","date_gmt":"2023-09-22T12:11:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/"},"modified":"2023-09-22T08:11:30","modified_gmt":"2023-09-22T12:11:30","slug":"alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/","title":{"rendered":"Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement"},"content":{"rendered":"

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Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement<\/b><\/p>\n

ATLANTA–(BUSINESS WIRE<\/a>)–Alzamend Neuro, Inc.<\/a> (Nasdaq: ALZN) (\u201cAlzamend<\/b>\u201d), a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer\u2019s disease (\u201cAlzheimer\u2019s<\/b>\u201d), bipolar disorder (\u201cBD<\/b>\u201d), major depressive disorder (\u201cMDD<\/b>\u201d) and post-traumatic stress disorder (\u201cPTSD<\/b>\u201d), today announced that it received notice from the Nasdaq Hearings Panel (the \u201cHearings Panel<\/b>\u201d) of The Nasdaq Stock Market LLC (\u201cNasdaq<\/b>\u201d), which granted Alzamend\u2019s request for continued listing on The Nasdaq Capital Market, subject to Alzamend\u2019s satisfaction of the minimum $1.00 bid price requirement by November 15, 2023.<\/p>\n

\nThe Hearings Panel granted Alzamend the extension based upon Alzamend\u2019s representations that it would, (i) on or before September 29, 2023 obtain stockholder approval for and effect a reverse stock split at a ratio between 1:2 and 1:20 and (ii) on or before November 1, 2023, effect a reverse stock split, and thereafter maintain a $1.00 closing bid price for a minimum of ten consecutive business days.<\/p>\n

\n\u201cWe are pleased that Nasdaq has granted us this extension and intend to take the necessary steps to regain compliance with Nasdaq\u2019s minimum bid price requirement,\u201d said Stephan Jackman, Chief Executive Officer of Alzamend. \u201cOur annual stockholder meeting is set for September 29, 2023, at which time we expect our stockholders will approve a reverse stock split. Presuming stockholder approval, we intend to expeditiously implement the split to maintain our Nasdaq listing.\u201d<\/p>\n

\nOn January 30, 2023, Nasdaq notified Alzamend that the bid price of its common stock had closed at less than $1.00 per share over the previous 30 consecutive business days, and as a result, did not comply with Listing Rule 5550(a)(2) (the \u201cBid Price Rule<\/b>\u201d). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Alzamend was provided 180 calendar days, or until July 31, 2023, to regain compliance with the Bid Price Rule. On August 1, 2023, Alzamend was notified by Nasdaq that it had not regained compliance with the Bid Price Rule and was not eligible for a second 180-day compliance period because Alzamend does not comply with Nasdaq\u2019s $5 million minimum stockholders\u2019 equity initial listing requirement and Nasdaq had determined to delist Alzamend\u2019s shares from The Nasdaq Capital Market. Alzamend submitted an appeal of the delisting determination, and pursuant to an expedited review process, whereby Alzamend submitted responses to a written questionnaire regarding its compliance plan, the Hearings Panel, based on the information provided, granted Alzamend\u2019s request for an exception through November 15, 2023 to regain compliance with the continued listing requirements.<\/p>\n

\nNotwithstanding the foregoing, there can be no assurance that Alzamend will be able to meet these deadlines or ultimately regain compliance with all applicable requirements for continued listing.<\/p>\n

About Alzamend Neuro<\/b><\/p>\n

\nAlzamend Neuro is a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer\u2019s, BD, MDD and PTSD. Our mission is to rapidly develop and market safe and effective treatments. Our current pipeline consists of two novel therapeutic drug candidates, AL001 – a patented ionic cocrystal technology delivering lithium via a therapeutic combination of lithium, proline and salicylate, and AL002 – a patented method using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient\u2019s immunological system to combat Alzheimer\u2019s. Both of our product candidates are licensed from the University of South Florida Research Foundation, Inc. pursuant to royalty-bearing exclusive worldwide licenses.<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

\nThis press release contains \u201cforward looking statements\u201d 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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as \u201cbelieves,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201copportunity,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpotential,\u201d or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and Alzamend undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect Alzamend\u2019s business and financial results are included in Alzamend\u2019s filings with the U.S. Securities and Exchange Commission. All filings are available at www.sec.gov<\/a> and on Alzamend\u2019s website at www.Alzamend.com<\/a>.<\/p>\n

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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230922679309\/en\/<\/a><\/span><\/p>\n

\nEmail: Info@Alzamend.com<\/a> or call: 1-844-722-6333<\/p>\n

KEYWORDS:<\/b> United States North America Georgia<\/p>\n

INDUSTRY KEYWORDS:<\/b> Biotechnology Pharmaceutical Health Neurology<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
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Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement ATLANTA–(BUSINESS WIRE)–Alzamend Neuro, Inc. (Nasdaq: ALZN) (\u201cAlzamend\u201d), a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer\u2019s disease (\u201cAlzheimer\u2019s\u201d), bipolar disorder (\u201cBD\u201d), major depressive disorder (\u201cMDD\u201d) and post-traumatic stress disorder (\u201cPTSD\u201d), today announced that it received notice from the Nasdaq Hearings Panel (the \u201cHearings Panel\u201d) of The Nasdaq Stock Market LLC (\u201cNasdaq\u201d), which granted Alzamend\u2019s request for continued listing on The Nasdaq Capital Market, subject to Alzamend\u2019s satisfaction of the minimum $1.00 bid price requirement by November 15, 2023. The Hearings Panel granted Alzamend the extension based upon Alzamend\u2019s representations that it would, (i) on or before September … <\/p>\n

Continue reading “Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-785672","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAlzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement ATLANTA–(BUSINESS WIRE)–Alzamend Neuro, Inc. (Nasdaq: ALZN) (\u201cAlzamend\u201d), a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer\u2019s disease (\u201cAlzheimer\u2019s\u201d), bipolar disorder (\u201cBD\u201d), major depressive disorder (\u201cMDD\u201d) and post-traumatic stress disorder (\u201cPTSD\u201d), today announced that it received notice from the Nasdaq Hearings Panel (the \u201cHearings Panel\u201d) of The Nasdaq Stock Market LLC (\u201cNasdaq\u201d), which granted Alzamend\u2019s request for continued listing on The Nasdaq Capital Market, subject to Alzamend\u2019s satisfaction of the minimum $1.00 bid price requirement by November 15, 2023. The Hearings Panel granted Alzamend the extension based upon Alzamend\u2019s representations that it would, (i) on or before September … Continue reading "Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-22T12:11:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230922679309r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement\",\"datePublished\":\"2023-09-22T12:11:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\\\/\"},\"wordCount\":807,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230922679309r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\\\/\",\"name\":\"Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement - 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(Nasdaq: ALZN) (\u201cAlzamend\u201d), a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer\u2019s disease (\u201cAlzheimer\u2019s\u201d), bipolar disorder (\u201cBD\u201d), major depressive disorder (\u201cMDD\u201d) and post-traumatic stress disorder (\u201cPTSD\u201d), today announced that it received notice from the Nasdaq Hearings Panel (the \u201cHearings Panel\u201d) of The Nasdaq Stock Market LLC (\u201cNasdaq\u201d), which granted Alzamend\u2019s request for continued listing on The Nasdaq Capital Market, subject to Alzamend\u2019s satisfaction of the minimum $1.00 bid price requirement by November 15, 2023. The Hearings Panel granted Alzamend the extension based upon Alzamend\u2019s representations that it would, (i) on or before September … Continue reading \"Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/","og_site_name":"Market Newsdesk","article_published_time":"2023-09-22T12:11:30+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230922679309r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement","datePublished":"2023-09-22T12:11:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/"},"wordCount":807,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230922679309r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/alzamend-neuro-granted-extension-by-nasdaq-panel-to-regain-compliance-with-the-minimum-bid-price-continued-listing-requirement\/","name":"Alzamend Neuro Granted Extension by Nasdaq Panel to Regain Compliance with the Minimum Bid Price Continued Listing Requirement - 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