NEW YORK & LONDON & PARIS, November 18, 2022–(BUSINESS WIRE)–Regulatory news:
Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) (“Aptorum Group” or “Aptorum”), a clinical-stage biopharmaceutical company dedicated to addressing unmet medical needs in oncology, autoimmune diseases and infectious diseases, announced today having received a letter of deficiency from the Nasdaq Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, during the last 30 consecutive business days, the bid price of closing of the Company’s Class A Common Shares was less than the $1.00 per share minimum required to continue listing on the Nasdaq Global Market in accordance with Nasdaq listing rule 5450(a)(1) (“Rule 5450(a)(1)”).
The Nasdaq deficiency letter does not have an immediate effect on the trading of the Company’s Class A common stock, and its Class A common stock will continue to trade on the Nasdaq Global Market under the symbol “APM ” for the moment. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until May 16, 2023, to regain compliance with Rule 5450(a)(1). ). If, at any time prior to May 16, 2023, the bid price for the Company’s Class A common stock closes at $1.00 per share or higher for at least 10 consecutive business days, Staff will provide written confirmation that the Company has achieved compliance and the case will be closed.
If the Company does not regain compliance with Rule 5450(a)(1) by May 16, 2023, the Company may be granted additional time to regain compliance. To qualify, the Company would be required to submit an application and submit a non-refundable fee of $5,000. In addition, the Company will be required to meet the continuous listing requirement for the market value of publicly held shares and all other initial listing standards except the minimum offering price requirement. . In addition, the Company would be required to provide written notice to Nasdaq of its intention to remedy the deficiency during the second compliance period, by proceeding with a stock consolidation, if necessary. If NASDAQ concludes that the Company will not be able to remedy the deficiency, it will notify the Company that the Class A Ordinary Shares will be subject to delisting.
The Company intends to actively monitor the closing bid price of its Class A common shares and will review available options, including completing a reverse stock split, to resolve the issue and restore compliance with the rule. 5450(a)(1).
About Atorum Group
Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutic actives to treat diseases with unmet medical needs, particularly in oncology (including including orphan oncology indications), autoimmune and infectious diseases. Aptorum has completed two Phase I clinical trials for its small molecule drugs ALS-4 (MRSA) and orphan drugs designated SACT-1 (neuroblastoma) and commercializes its NLS-2 NativusWell® nutraceutical (menopause). Aptorum’s pipeline is also enriched by (i) the establishment of drug discovery platforms that enable the discovery of new therapeutic actives, for example the systematic screening of existing approved drug molecules, and a research platform based on the microbiome for the treatment of metabolic diseases; and (ii) the co-development and continued clinical validation of its new molecular diagnostic technology for the rapid identification and detection of pathogens with the Singapore Agency for Science, Technology and Research.
For more information about the company, please visit www.aptorumgroup.com.
Disclaimer and Forward-Looking Statements
This press release does not constitute an offer to sell or a solicitation of offers to buy securities of Atorum Group.
This press release contains statements regarding Atorum Group Limited and its future expectations, plans and prospects which constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. To that end, all statements contained herein material that are not statements of historical fact may be deemed to be forward-looking statements. In some instances, you can identify forward-looking statements by words such as “may”, “should”, “expect”, “plan”, “anticipate”, “could”, “intend”. of”, “target”, “projects”, “”intends”, “believes”, “estimates”, “predicts”, “potential” or “continues” or the negative form of these terms or other similar expressions. Aptorum has based these forward-looking statements, which include statements regarding expected timelines for application submissions and trials, largely on its current expectations and projections regarding future events and trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including, without limit, the risks related to the management announced and to the ch organizational changes, ongoing service and availability of key personnel, its ability to expand its product assortments by offering additional products for additional consumer segments, development results, the company’s anticipated growth strategies, trends and anticipated challenges to its business, as well as its expectations regarding and the stability of its supply chain, and the risks described in more detail in Aptorum Group’s Form 20-F and other filings by Aptorum Group with the SEC in the future, as well as in the prospectus which received visa n°20-352 from the French Financial Markets Authority on July 16, 2020.
Accordingly, the projections included in these forward-looking statements are subject to change and actual results may differ materially from those described herein. Atorum Group assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
This press release is not a prospectus within the meaning of Regulation (EU) n°2017/1129 of June 14, 2017 as amended by Delegated Regulations (EU) n°2019/980 of March 14, 2019 and n°2019/979 of March 14, 2019.
This press release is provided “as is” without any representations or warranties of any kind.
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Aptorum Group Limited
Investor Relations Department
+44 20 80929299
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