World News: 21:05 GMT Friday 11th January 2019. [Bioblast Pharma Ltd. via Globe Newswire via SPi World News]
Tel Aviv, Israel, Jan. 11, 2019 (GLOBE NEWSWIRE) -- 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.
Bioblast Pharma, Ltd.
Dr. Dalia Megiddo, Interim CEO
Globe Newswire: 21:05 GMT Friday 11th January 2019
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