Scinai Immunotherapeutics Faces Nasdaq Delisting, Plans Appeal

TL;DR

Nasdaq wants to delist Scinai, they're appealing and doing a reverse split to try and stay listed.

AI Summary

Scinai Immunotherapeutics Ltd. announced on May 6, 2024, that it received a Nasdaq delisting notification. The company plans to appeal this decision and has approved a reverse stock split (ratio change of ADSs to non-traded ordinary shares) to regain compliance with Nasdaq's minimum bid price requirement.

Why It Matters

This filing indicates potential delisting from Nasdaq, which could significantly impact the company's liquidity, investor confidence, and ability to raise capital.

Risk Assessment

Risk Level: high — The company has received a Nasdaq delisting notification, indicating a high risk of being removed from the exchange.

Key Players & Entities

• Scinai Immunotherapeutics Ltd. (company) — Registrant
• Nasdaq (company) — Exchange where delisting notification was received
• May 6, 2024 (date) — Date of press release

FAQ

From the Filing

0001213900-24-040299.txt : 20240507 0001213900-24-040299.hdr.sgml : 20240507 20240507102412 ACCESSION NUMBER: 0001213900-24-040299 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240507 FILED AS OF DATE: 20240507 DATE AS OF CHANGE: 20240507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Scinai Immunotherapeutics Ltd. CENTRAL INDEX KEY: 0001611747 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] ORGANIZATION NAME: 03 Life Sciences IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37353 FILM NUMBER: 24920182 BUSINESS ADDRESS: STREET 1: JERUSALEM BIOPARK, 2ND FLOOR STREET 2: HADASSAH EIN KEREM CAMPUS CITY: JERUSALEM STATE: L3 ZIP: 00000 BUSINESS PHONE: 972-8-9302529 MAIL ADDRESS: STREET 1: JERUSALEM BIOPARK, 2ND FLOOR STREET 2: HADASSAH EIN KEREM CAMPUS CITY: JERUSALEM STATE: L3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: BiondVax Pharmaceuticals Ltd. DATE OF NAME CHANGE: 20140624 6-K 1 ea0205313-6k_scinai.htm REPORT OF FOREIGN PRIVATE ISSUER UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 Under the Securities Exchange Act of 1934 For the Month of May 2024 Commission File Number: 001-37353 SCINAI IMMUNOTHERAPEUTICS LTD. (Translation of registrant’s name into English) Jerusalem BioPark, 2nd Floor Hadassah Ein Kerem Campus Jerusalem, Israel (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ On May 6, 2024, Scinai Immunotherapeutics Ltd. issued a press release announcing receipt of a Nasdaq delisting notification and appeal and the board approval of a ratio change of the ADSs to non-traded ordinary shares (equivalent to a reverse split) designed to regain compliance. A copy of the press release is furnished herewith as Exhibit 99.1. This Report on Form 6-K is hereby incorporated by reference into the registrant’s Registration Statements on Form S-8 (File No. 333-271293 and File No. 333-239344 ) and Form F-3 (File No. 333-274078 and File No. 333-276767 ), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished. Exhibit Index Exhibit No. Description 99.1 Press Release, dated May 6, 2024 1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Scinai Immunotherapeutics Ltd. Date: May 7, 2024 By: /s/ Amir Reichman Amir Reichman Chief Executive Officer 2 EX-99.1 2 ea020531301ex99-1_scinai.htm PRESS RELEASE, DATED MAY 6, 2024 Exhibit 99.1 Scinai Immunotherapeutics Announces Receipt of Nasdaq Delisting Notification and Appeal The Board has Approved a Ratio Change of the ADSs to Non-traded Ordinary Shares (equivalent to a reverse split) Designed to Regain Compliance JERUSALEM – May 6th, 2024 - Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI), a biopharmaceutical company focused on developing inflammation and immunology (I&I) biological products and on providing CDMO services through its Scinai Bioservices business unit, today announced that it had had received a staff determination letter (the “Letter”) on April 30, 2024 from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, due to the Company’s non-compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”), the Company’s American Depositary Shares (“ADSs”) would be scheduled for delisting from The Nasdaq Capital Market and would be suspen