Full Press Release Details
LifeSci Advisors LLC
Bioblast Pharma Announces Plans in Response
to Nasdaq Notifications Regarding Stockholders' Equity and Minimum Bid Requirements
Tel Aviv, Israel, - April 17, 2017
- Bioblast Pharma Ltd. (NasdaqGM: ORPN), a clinical-stage, orphan disease-focused biotechnology company, announced today
that in response to a written notification from the Listing Qualifications Department of The NASDAQ Stock Market LLC that the Company
does not satisfy the Nasdaq Global Market continued listing requirement set forth in Nasdaq Stock Market Rule 5450(b)(1)(A) which
requires that the company maintain a minimum of $10,000,000 in stockholders' equity, Bioblast will transfer the listing of its
ordinary shares to the Nasdaq Capital Market, which requires a minimum of $2,500,000 in stockholders' equity for continued
In addition, Bioblast announced it received a notice from the
Listing Qualifications Department of Nasdaq advising the company that it was not in compliance with Nasdaq's requirement that listed
securities maintain a minimum bid price of $1.00 per share as set forth in the Nasdaq Stock Market Rule 5450(a)(1) (which requirement
would not change in connection with the transfer of listing to the Nasdaq Capital Market).
Bioblast has a 180 day period, until October 9, 2017, to
regain compliance with the $1.00 minimum bid price requirement. If at any time during this 180 day period, the closing bid price
of the company's ordinary shares is at least $1.00 for a minimum of ten consecutive business days, the company will regain
compliance and the matter will be closed.
In the event that Bioblast does not regain compliance, the Company
may be eligible for an additional 180 calendar day extension period to regain compliance. To qualify, Bioblast will be required
to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for
the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention
to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
About Bioblast Pharma Ltd.
Bioblast Pharma is a clinical-stage biotechnology
company committed to developing clinically meaningful therapies for patients with rare and ultra-rare genetic diseases. Bioblast
is traded on the Nasdaq Global Market under the symbol "ORPN". For more information, please visit our website: www.BioblastPharma.com,
the content of which is not incorporated herein by reference.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995
and other Federal securities laws. For example, the company is using forward-looking statements when it discusses its expected
transfer to the Nasdaq Capital Market, its potential to regain compliance with Nasdaq listing requirements, the possibility that
the Company will be entitled to an extension of the cure period for an additional 180 days and the potential for a reverse stock
split, which may not occur on a timely basis or at all. Because such statements deal with future events and are based on Bioblast
Pharma Ltd.'s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements
of Bioblast Pharma could differ materially from those described in or implied by the statements in this press release, including
those discussed under the heading "Risk Factors" in Bioblast Pharma's Annual Report on Form 20-F filed with the Securities
and Exchange Commission ("SEC") on February 24, 2017, and in any subsequent filings with the SEC. Except as otherwise
required by law, Bioblast Pharma disclaims any intention or obligation to update or revise any forward-looking statements, which
speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.