CAMBRIDGE, Mass., Aug. 30,
2024 /PRNewswire/ -- NeuroSense Therapeutics
Ltd. (Nasdaq: NRSN) ("NeuroSense" or the "Company"), a
late-clinical stage biotechnology company developing novel
treatments for severe neurodegenerative diseases, today announced
that it has received a notification letter from the Nasdaq
Stock Market LLC ("Nasdaq"). The letter notifies the Company
that it is not in compliance with the minimum bid price requirement
set forth in Nasdaq Listing Rules for continued listing on the
Nasdaq Capital Market, since the closing bid price for the
Company's ordinary shares listed on the Nasdaq was below
USD $1.00 for 30 consecutive trading days. Nasdaq Listing
Rule 5550(a)(2) requires listed securities to maintain a minimum
bid price of USD $1.00 per share, and Nasdaq 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.
The Notice has no immediate effect on the Company's Nasdaq
listing or the trading of its ordinary shares, and during the grace
period, as may be extended, the Company's ordinary shares will
continue to trade on the Nasdaq under the symbol "NRSN".
In accordance with Listing Rule 5810(c)(3)(A), the Company has a
period of 180 calendar days from the date of notification, or
until February 24, 2025, to regain compliance with the minimum
bid price. If at any time before February 24, 2025 the
bid price of the Company's ordinary shares closes at or above
USD $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq will provide written notification that the
Company has achieved compliance with the minimum bid price
requirement.
In the event the Company does not regain compliance
by February 24, 2025, the Company may be eligible for an
additional 180 days to regain compliance if it meets the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for the Nasdaq Capital Market,
with the exception of the minimum bid price requirement. In this
case, the Company will need to provide written notice of its
intention to cure the deficiency during the second compliance
period.
The Company will continue to monitor the closing bid price of
its ordinary shares on the Nasdaq between now and February 24,
2025 and seek to cure the deficiency within the prescribed
compliance period. The Company's business operations are not
affected by the notification letter.
If the Company cannot demonstrate compliance by the allotted
compliance period(s), Nasdaq's staff will notify the Company that
its ordinary shares are subject to delisting.
About NeuroSense
NeuroSense Therapeutics, Ltd. is a clinical-stage biotechnology
company focused on discovering and developing treatments for
patients suffering from debilitating neurodegenerative diseases.
NeuroSense believes that these diseases, which include amyotrophic
lateral sclerosis (ALS), Alzheimer's disease and Parkinson's
disease, among others, represent one of the most significant unmet
medical needs of our time, with limited effective therapeutic
options available for patients to date. Due to the complexity of
neurodegenerative diseases and based on strong scientific research
on a large panel of related biomarkers, NeuroSense's strategy is to
develop combined therapies targeting multiple pathways associated
with these diseases.
For additional information, we invite you to visit
our website and follow us on LinkedIn,
YouTube and X. Information that may be important to
investors may be routinely posted on our website and these social
media channels.
Forward-Looking Statements
This press release contains "forward-looking statements" that
are subject to substantial risks and uncertainties. For example,
the Company is using forward-looking statements when it discusses
regaining compliance with Nasdaq's continued listing requirements,
and timing and effect thereof. All statements, other than
statements of historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
"anticipate," "believe," "contemplate," "could," "estimate,"
"expect," "intend," "seek," "may," "might," "plan," "potential,"
"predict," "project," "target," "aim," "should," "will" "would," or
the negative of these words or other similar expressions, although
not all forward-looking statements contain these words.
Forward-looking statements are based on NeuroSense Therapeutics'
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict and include
statements relating to the consummation of the offering described
above, the expected proceeds from the offering, the intended use of
proceeds and the timing of the closing of the offering. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. The future events
and trends may not occur and actual results could differ materially
and adversely from those anticipated or implied in the forward
looking statements. These risks include unexpected R&D costs or
operating expenses, a delay in the reporting of additional results
from PARADIGM clinical trial, the timing of expected regulatory and
business milestones, risks associated with meeting with the FDA to
determine the best path forward following the results from PARADIGM
clinical trial, including a delay in any such meeting; the
potential for PrimeC to safely and effectively target ALS;
preclinical and clinical data for PrimeC; the uncertainty regarding
outcomes and the timing of current and future clinical trials;
timing for reporting data; the development and commercial potential
of any product candidates of Neurosense; the ability of NeuroSense
to remain listed on Nasdaq; and other risks and uncertainties set
forth in NeuroSense's filings with the Securities and Exchange
Commission (SEC). You should not rely on these statements as
representing our views in the future. More information about the
risks and uncertainties affecting NeuroSense is contained under the
heading "Risk Factors" in the Annual Report on Form 20-F filed with
the Securities and Exchange Commission on April 4, 2024 and NeuroSense's subsequent filings
with the SEC. Forward-looking statements contained in this
announcement are made as of this date, and NeuroSense undertakes no
duty to update such information except as required under applicable
law.
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SOURCE NeuroSense
