Full Press Release Details
Regains Compliance with Nasdaq's Minimum Bid Price Requirement
ATLANTA, GA, November 16, 2023 -- Alzamend Neuro,
Inc. (Nasdaq: ALZN) ("Alzamend"), an early clinical-stage biopharmaceutical company focused on developing novel products
for the treatment of Alzheimer's disease ("Alzheimer's"), bipolar disorder ("BD"), major
depressive disorder ("MDD") and post-traumatic stress disorder ("PTSD"), today announced that it
has received a notification letter (the "Compliance Notice") from the Listing Qualifications Staff of the Nasdaq Stock
Market, LLC ("Nasdaq") dated November 15, 2023, informing Alzamend that it has regained compliance with Nasdaq Listing
Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). In order to regain compliance with the Minimum Bid Price Requirement,
Alzamend's common stock was required to maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive
trading days. The Minimum Bid Price Requirement was met on November 13, 2023. Accordingly, in the Compliance Notice, Nasdaq stated that
the matter is now closed.
The Compliance Notice is unrelated to the previously
disclosed notice received by Alzamend from Nasdaq on September 26, 2023 regarding the minimum Market Value of Listed Securities ("MVLS")
for Alzamend's common stock being below the $35 million minimum MVLS requirement for continued listing on The Nasdaq Capital Market
under Nasdaq Listing Rule 5550(b)(2) (the "MVLS Rule"). As previously disclosed, Alzamend has 180 calendar days, or
until March 25, 2024, to regain compliance with the MVLS Rule.
Alzamend is an early clinical-stage biopharmaceutical
company focused on developing novel products for the treatment of Alzheimer's, BD, MDD and PTSD. Our mission is to rapidly develop
and market safe and effective treatments. Our current pipeline consists of two novel therapeutic drug candidates, AL001 - a patented ionic
cocrystal technology delivering lithium via a therapeutic combination of lithium, proline and salicylate, and AL002 - a patented method
using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient's immunological
system to combat Alzheimer's. Both of our product candidates are licensed from the University of South Florida Research Foundation,
Inc. pursuant to royalty-bearing exclusive worldwide licenses.
This press release contains "forward looking
statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or
refer to future events or conditions, and include words such as "believes," "plans," "anticipates,"
"projects," "estimates," "expects," "intends," "strategy," "future,"
"opportunity," "may," "will," "should," "could," "potential,"
or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based
on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they
are made, and Alzamend undertakes no obligation to update any of them publicly in light of new information or future events. Actual results
could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including
potential risk factors, that could affect Alzamend's business and financial results are included in Alzamend's filings with
the U.S. Securities and Exchange Commission. All filings are available at www.sec.gov and on Alzamend's website at www.Alzamend.com.
Email: Info@Alzamend.com or call: 1-844-722-6333