Filing of Certain Prospectuses and Communications in Connection With Business Combination Transactions (425)
26 January 2021 - 5:29AM
Edgar (US Regulatory)
Filed by Seneca Biopharma, Inc.
Pursuant to Rule 425 under the Securities
Act of 1933, as
amended and deemed filed pursuant to Rule
14a-12
under the Securities Exchange Act of 1934,
as amended
Subject Company: Seneca Biopharma, Inc.
(Commission File No. 001-33672)
Seneca Biopharma Regains Compliance with NASDAQ Listing Requirements
Germantown, MD., Jan. 25, 2021 (PRNewsire)
– Seneca Biopharma, Inc, (NASDAQ:SNCA), a biopharmaceutical company focused
on developing novel treatments for diseases of high unmet medical need, today announced that it received notice from The
NASDAQ Stock Market LLC (NASDAQ) on January 22, 2021 indicating that the company has regained compliance with the
minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2) for continued listing on The NASDAQ Capital Market.
On March 30, 2020, Seneca received a written
notice from the NASDAQ Stock Market LLC that it was not in compliance with NASDAQ Listing Rule 5550(a)(2) as a result of the minimum
bid price of its common stock being below $1.00 per share for 30 consecutive business days. At the time, Seneca had until September
28, 2020, to regain compliance. On April 17, 2020, Seneca received a subsequent written notice that as a result of a rule change,
the NASDAQ tolled the compliance period through June 30, 2020. As a result, Seneca had until December 10, 2020 to regain compliance.
On December 11, 2020, as a result of Seneca request for additional time, Seneca received written notification from NASDAQ that
Seneca was granted a 180-day extension to regain compliance with NASDAQ’s minimum bid price requirement under NASDAQ Listing
Rule 5550(a)(2). Accordingly, Seneca had until June 9, 2021 to meet the bid price requirement.
About Seneca Biopharma, Inc.
Seneca Biopharma,
Inc., is a clinical-stage biopharmaceutical company developing novel treatments for diseases of high unmet medical need. On December
17, 2020, Seneca announced that it had entered into a definitive Merger Agreement with Leading BioSciences, Inc. (LBS), a privately
held company focused on developing novel therapeutics to improve human health through therapeutic protection of the gastrointestinal
mucosal barrier. Upon completion of the merger, the company is expected to operate under the name Palisade Bio, Inc. and trade
on the NASDAQ Capital Market under the ticker symbol PALI.
Cautionary
Statement
This news release
contains "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by
words such as "expect," "anticipate," "intend," "plan," "believe," "seek"
or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific
risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements
include risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or
regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual
property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional
information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time
in Seneca’s periodic reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form
10-K for the year ended December 31, 2019, its Quarterly Reports on Form 10-Q as well as and in other reports filed with the SEC.
We do not assume any obligation to update any forward-looking statements.
Contact:
Hibiscus Bioventures
josh@hibiscusbio.com
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