This announcement contains
inside information for the purposes of Article 7 of the UK version
of Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Renalytix plc
("Renalytix" or the
"Company")
Renalytix Submits Hearing Request to Nasdaq
Hearings Panel in Regard to Staff Delisting
Determination
Throughout the hearings process and pending
the Panel's decision, the Company's ADSs will continue trading on
The Nasdaq Global Market under the symbol "RNLX"
LONDON and NEW YORK, June 28, 2024
-- Renalytix
plc (Nasdaq: RNLX) (LSE: RENX) announces that it
has formally submitted a hearing request to the Nasdaq
Hearings Panel (the "Panel"), which request has now stayed the
suspension of the Company's securities pending the Panel's decision
as described below. Throughout the hearings process, pending the
Panel's decision, the Company's American Depositary Shares ("ADSs")
will continue trading on The Nasdaq Global Market under the symbol
"RNLX."
At the Panel hearing, the Company intends to
present a strategic plan to regain compliance with the applicable
Nasdaq listing requirements. However, there can be no
assurance that the Company's plan will be accepted by the Panel or
that, if it is, the Company will be able to regain compliance with
the applicable Nasdaq listing requirements. If the Company's ADSs
are delisted, it could be more difficult to buy or sell the
Company's ADSs or to obtain accurate quotations, and the price of
the Company's ADSs could suffer a material decline. Delisting could
also impair the Company's ability to raise capital.
As previously disclosed, on June 25, 2024, the
Company received written notice on June 21, 2024, from the Listing
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
notifying the Company that it has been out of compliance with
Nasdaq's minimum closing bid price requirement, as set forth in
Nasdaq Listing Rule 5450(a)(1), for the Company's ADSs and the
requirement to maintain a minimum market value of listed securities
of $50,000,000 for continued listing on The Nasdaq Global Market,
as set forth in Nasdaq Listing Rule 5450(b)(2)(A). Accordingly, the
Company has submitted the Nasdaq hearing request, which has
automatically stayed any suspension or delisting action pending the
hearing and the expiration of any additional extension period
granted by the Panel following the hearing. In that regard,
pursuant to the Nasdaq Listing Rules, the Panel has the authority
to grant an extension not to exceed 180 days from the date of the
Nasdaq delisting notice.
For
further information, please contact:
Renalytix
plc
|
www.renalytix.com
|
James McCullough, CEO
|
Via Walbrook PR
|
|
|
Stifel (Nominated
Adviser, Joint Broker)
|
Tel: 020 7710 7600
|
Alex Price / Nicholas Moore / Nick Harland / Samira
Essebiyea
|
|
|
|
Investec Bank plc
(Joint Broker)
|
Tel: 020 7597 4000
|
Gary Clarence / Shalin Bhamra
|
|
|
|
Walbrook PR
Limited
Paul McManus / Alice Woodings
|
Tel: 020 7933
8780 or renalytix@walbrookpr.com
Mob: 07980 541 893 / 07407 804 654
|
|
|
CapComm
Partners
|
|
Peter DeNardo
|
Tel:
415-389-6400 or investors@renalytix.com
|
|
|
About
Renalytix
Renalytix (NASDAQ: RNLX) (LSE: RENX) is an artificial
intelligence enabled in-vitro diagnostics and
laboratory services company that is the global founder and leader
in the field of bioprognosis™ for kidney health. In late 2023, our
kidneyintelX.dkd test was recognized as the first and only
FDA-authorized prognostic test to enable early-stage CKD (stages
1-3b) risk assessment for progressive decline in kidney function in
T2D patients. By understanding how disease will progress, patients
and clinicians can take action earlier to improve outcomes and
reduce overall health system costs. For more information,
visit www.renalytix.com.
Forward-Looking
Statements
Certain statements contained in this Current Report
on Form 8-K are not historical facts and are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. This information includes, without
limitation, statements concerning the Company's intention or
ability to regain compliance with the applicable Nasdaq listing
requirements, the Company's intention to appeal the Nasdaq staff's
determination, the Company's expectation that a request for a
Panel hearing will stay the suspension of the Company's
securities pending the Panel's decision, the timing and nature of
any hearing before the Panel, the outcome of the Panel's
review of any Company appeal of the Nasdaq staff's determination,
and any courses of action to regain compliance with the applicable
Nasdaq listing requirements. Words such as "anticipates,"
"believes," "estimates," "expects," "intends," "plans," "seeks,"
and similar expressions are intended to identify forward-looking
statements. The Company may not actually achieve the plans and
objectives disclosed in the forward-looking statements, and you
should not place undue reliance on the Company's forward-looking
statements. Any forward-looking statements are based on
management's current views and assumptions and involve risks and
uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in such
statements. These and other risks are described more fully in the
Company's filings with the Securities and Exchange
Commission (SEC), including the "Risk Factors" section of its
annual report on Form 10-K filed with
the SEC on September 28, 2023, and any risks
that may be contained in any subsequent filings that the Company
makes with the SEC. The Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events, or otherwise, except as required
by law.