Full Press Release Details
LISTING STANDARD NOTICE FROM THE NYSE
MALVERN, PA - March 27, 2025 -
Annovis Bio, Inc. (NYSE: ANVS) ("Annovis" or the "Company"), a late-stage clinical drug platform company pioneering
transformative therapies for neurodegenerative diseases such as Alzheimer's disease (AD) and Parkinson's disease (PD), today
announced that on March 26, 2025, it received notice (the "Notice") from the New York Stock Exchange (NYSE) that it is no
longer in compliance with the NYSE continued listing standards set forth in Section 802.01B of the NYSE's Listed Company Manual
due to the fact that the Company's average global market capitalization over a consecutive 30 trading-day period was less than $50
million while its stockholders' equity was less than $50 million.
The Notice does not affect the Company's
business operations or its reporting obligations with the Securities and Exchange Commission, and it does not conflict with or cause an
event of default under any of the Company's material debt or other agreements.
As set forth in the Notice, as of March 25, 2025,
the 30 trading-day average market capitalization of the Company was approximately $37.9 million and the Company's last reported
stockholders' equity as of December 31, 2024 was $9.3 million.
The Company has notified the NYSE that it will
submit a plan within 45 days of the Notice advising the NYSE of definitive action it has taken, or is taking, to bring it into conformity
with Section 802.01B within 18 months of receipt of the Notice. The NYSE will review the Company's plan and, within 45 days, make
a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with Section 802.01B
within 18 months. If the Company's plan is not submitted on a timely basis or is not accepted, the NYSE will initiate delisting
proceedings. If the NYSE accepts the Company's plan, the Company's common stock will continue to be listed and traded on the
NYSE during the cure period, subject to the Company's compliance with the plan and other continued listing standards. The NYSE will
review the Company on a quarterly basis to confirm compliance with the plan. If the Company fails to comply with the plan or does not
meet continued listing standards at the end of the 18-month cure period, it will be subject to the prompt initiation of NYSE suspension
and delisting procedures.
The Notice has no immediate impact on the listing
of the Company's common stock, which will continue to be "ANVS", subject to the Company's continued compliance
with the plan and other listing requirements of the NYSE. However, the common stock trading symbol will have an added designation of ".BC"
to indicate that the status of the common stock is below criteria with the NYSE continued listing standards. The ".BC" indicator
will be removed at such time as the Company regains compliance.
Cautionary Note Regarding Forward-Looking Statements
This press release contains, and oral statements
made from time to time by our representatives may contain, "forward-looking statements." Forward-looking statements include
statements identified by words such as "could," "may," "might," "will," "intends,"
"plans," "seeks," "believes," "estimates," "expects," "continues,"
"projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements
are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future
conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated
by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking
statements include, but are not limited to, the Company's ability to develop a plan to regain compliance with the continued listing
criteria of the NYSE; the NYSE's acceptance of such plan; the Company's ability to execute such plan and to continue to comply
with applicable listing standards within the available cure period; risks arising from the potential suspension of trading of the Company's
common stock on the NYSE; regional, national or global political, economic, business, competitive, market and regulatory conditions, including
risks regarding our ability to manage inventory or anticipate consumer demand; changes in consumer confidence and spending; our competitive
environment; our failure to open new profitable stores or successfully enter new markets and other factors set forth under "Risk
Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Any forward-looking statement made in this
report speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future developments or otherwise.
Headquartered in Malvern, Pennsylvania, Annovis
is dedicated to addressing neurodegeneration in diseases such as AD and PD. The Company's innovative approach targets multiple neurotoxic
proteins, aiming to restore brain function and improve the quality of life for patients. For more information, visit www.annovisbio.com
101 Lindenwood Drive
Alexander Morin, Ph.D.
Director, Strategic Communications