NEW YORK and LONDON, Oct. 28, 2022 (GLOBE NEWSWIRE) — Akari Therapeutics, Plc (Nasdaq: AKTX), a late-stage biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, today announced that Akari had received a letter from Nasdaq Listing Qualifications stating that Akari is not in compliance with the minimum offering price requirement for a continuing listing set forth in Listing Rule 5550(a)(2) ), which requires listed securities to maintain a minimum offering price of $1.00 per share.
The rules also grant Akari a compliance period of 180 calendar days to regain compliance. According to the letter, Akari has October 24, 2022 to April 24, 2023 to regain compliance with the minimum bid price requirement. Akari may regain compliance if, at any time during this 180-day period, the closing bid price for its ADSs is at least $1.00 for at least ten consecutive business days, in which case Akari will receive a confirmation letter of compliance and this matter will be closed. In the event that Akari does not regain compliance after the initial 180-day period, then Akari may be eligible for an additional period if it meets the continuous listing requirement for the market value of shares held by the public and any other initial listing standards for the Nasdaq Capital Market, except for the offer price requirement, and shall provide written notice of its intention to cure the default during the second compliance period.
If Akari cannot demonstrate compliance by the end of the second 180-day period, Nasdaq staff will notify Akari that its ADSs are subject to delisting.
The letter does not have an immediate effect on Akari’s listing on Nasdaq or the trading of its ADSs, and during the grace period, which may be extended, Akari’s ADSs will continue to trade on the Nasdaq Capital Market under the symbol AKTX.
About Akari Therapeutics
Akari Therapeutics, plc (Nasdaq: AKTX) is a biotechnology company that develops advanced therapies for autoimmune and inflammatory diseases. Akari’s main active ingredient, experimental nomacopan, is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. Akari’s pipeline includes a Phase 3 clinical trial program of nomacopan for severe pediatric thrombotic microangiopathy related to hematopoietic stem cell transplantation (HSCT-TMA), as well as preclinical research of PAS-nomacopan at prolonged action in geographic atrophy (GA). For more information about Akari, please visit akaritx.com.
Caution Regarding Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current beliefs about our plans, intentions, expectations, strategies and prospects, which are on the based on the information currently available to us and the assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects, as reflected or implied by these forward-looking statements, are reasonable, we cannot guarantee that the plans, intentions, expectations or strategies will be achieved or achieved. In addition, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors beyond our control. These risks and uncertainties to our company include, but are not limited to: additional capital requirements to fund our operations; our ability to continue our business; cash flow uncertainties and the inability to meet working capital requirements; an inability or delay in obtaining required regulatory approvals for nomacopan and any other product candidates, which may result in unforeseen expenses; our ability to obtain orphan drug designation in additional indications; risks inherent in drug development generally; uncertainties regarding the achievement of positive clinical results for nomacopan and any other product candidates and the unexpected costs that may result; difficulties in recruiting patients into our clinical trials; the inability to realize any value from nomacopan and any other product candidates developed and under development in light of the inherent risks and difficulties inherent in bringing product candidates to market; failure to develop new product candidates and support existing product candidates; approval by the FDA and EMA and any other similar foreign regulatory authority of other competing or superior products brought to market; risks resulting from unforeseen side effects; the risk that the market for nomacopan will not be as large as expected; risks associated with the impact of the COVID-19 pandemic; the inability to obtain, maintain and enforce patents and other intellectual property rights or the unforeseen costs associated with such application or litigation; the inability to obtain and maintain commercial manufacturing agreements with third-party manufacturers or establish commercial-scale manufacturing capabilities; the inability to timely source adequate quantities of our active pharmaceutical ingredients from third-party manufacturers on which the Company depends; unexpected cost increases and pricing pressures and risks and other risk factors detailed in our public filings with the United States Securities and Exchange Commission, including our most recently filed Annual Report on Form 20-F filed with the DRY. Unless otherwise stated, these forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise any of these statements to reflect events or circumstances occurring after such date. Press release. We caution investors not to place significant reliance on any forward-looking statements contained in this press release.
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