Scinai Immunotherapeutics Regains Compliance with Nasdaq's Stockholders' Equity Rule
JERUSALEM, Nov. 20, 2023 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI) today announced today the receipt of formal notification from the Nasdaq Stock Market ("Nasdaq") that the Company has regained compliance with Nasdaq listing rules regarding minimum stockholders' equity.
- JERUSALEM, Nov. 20, 2023 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI) today announced today the receipt of formal notification from the Nasdaq Stock Market ("Nasdaq") that the Company has regained compliance with Nasdaq listing rules regarding minimum stockholders' equity.
- Nasdaq indicated that their determination that the Company complies with Listing Rule 5550(b)(1), which requires listed companies to maintain a minimum $2.5 million in stockholders' equity, is based on the content of the Company's Form 6-K dated November 13, 2023.
- This change impacted the classification of most of the current and future warrants as equity and not as liabilities, as per GAAP accounting rules.
- The Company expects this new WACC to be incorporated in the Company's financial statements for the year ending December 31, 2023.