Scinai Immunotherapeutics Regains Nasdaq Bid Price Compliance

TL;DR

Scinai back above $1 on Nasdaq, dodges delisting threat.

AI Summary

On June 7, 2024, Scinai Immunotherapeutics Ltd. announced it has regained compliance with Nasdaq's minimum $1.00 bid price requirement. The company is continuing its collaboration with the European Investment Bank.

Why It Matters

Regaining compliance with the minimum bid price is crucial for Scinai to maintain its listing on the Nasdaq Capital Market, avoiding potential delisting.

Risk Assessment

Risk Level: medium — While regaining compliance is positive, the company's continued collaboration with the European Investment Bank suggests ongoing financial needs or development stages that carry inherent risks.

Key Numbers

• $1.00 — Minimum Bid Price (The threshold Scinai Immunotherapeutics Ltd. needed to meet to comply with Nasdaq Listing Rule 5550(a)(2).)

Key Players & Entities

• Scinai Immunotherapeutics Ltd. (company) — The company that issued the press release.
• Nasdaq (company) — The stock exchange where Scinai is listed and the compliance requirement originates.
• European Investment Bank (company) — An entity Scinai is continuing to work with.
• $1.00 (dollar_amount) — The minimum bid price requirement set by Nasdaq.

FAQ

From the Filing

0001213900-24-052278.txt : 20240613 0001213900-24-052278.hdr.sgml : 20240613 20240613101604 ACCESSION NUMBER: 0001213900-24-052278 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240613 FILED AS OF DATE: 20240613 DATE AS OF CHANGE: 20240613 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: 241040237 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 ea0207816-6k_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 June 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 offices) 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 June 7, 2024, Scinai Immunotherapeutics Ltd. issued a press release announcing it had regained compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) and that it continues to work with the European Investment Bank (the “EIB”) to convert a significant portion of the loan owed by the Company to EIB into equity in the Company. 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 Description 99.1 Press release, dated June 7, 2024 1 SIGNATURE 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. Date: June 13, 2024 Scinai Immunotherapeutics Ltd. By: /s/ Amir Reichman Amir Reichman Chief Executive Officer 2 EX-99.1 2 ea020781601ex99-1_scinai.htm PRESS RELEASE, DATED JUNE 7, 2024 Exhibit 99.1 Scinai Immunotherapeutics Regains Compliance with Nasdaq Minimum Bid Price Requirement; Continues to Work with the European Investment Bank to Convert Loan to Equity to Regain Compliance with Nasdaq Minimum Shareholders’ Equity Requirement Jerusalem, June 7th, 2024 – Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI) (the “Company”), a biotechnology 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 on June 5, 2024, it received formal notification from the Listing Qualification Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) that the Company has regained compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”). The Company previously disclosed in a press release dated May 6, 2024, that it received a letter f