Full Press Release Details
Evaxion Receives Nasdaq Notification Regarding
Minimum Bid Price Deficiency
COPENHAGEN, Denmark, Oct. 5, 2023 (GLOBE NEWSWIRE) -- Evaxion
Biotech A/S (NASDAQ: EVAX) ("Evaxion" or the "Company"), a clinical-stage biotechnology company specializing in
the development of AI-powered immunotherapies, announced today that the Company received a letter (the "Notification Letter")
on September 29, 2023 from the Listings Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") indicating
that, for the last thirty consecutive business days, the bid price for the Company's American Depositary Shares ("ADSs")
had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5550(a)(2).
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been provided an initial period of 180 calendar days, or until March 27, 2024, to regain compliance. The letter states that the
Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5550(a)(2) if at any time
before March 27, 2024, the bid price of the Company's ADSs closes at $1.00 per share or more for a minimum of ten consecutive
business days. The Nasdaq letter is only a notification of deficiency and has no immediate effect on the listing or trading of the Company's
ADSs and the ADSs will continue to trade on the Nasdaq Global Market under the symbol "EVAX." The Company's business
operations are not affected by the receipt of the Notification Letter.
The Company intends to monitor the bid price of its ADSs between now
and March 27, 2024, and to evaluate its available options to regain compliance with Nasdaq's minimum bid price rule within
the compliance period, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares.
If the Company does not regain compliance with Rule 5550(a)(2) by
March 27, 2024, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be
required 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 would need to provide written notice of its intention to cure
the deficiency during the second compliance period.
The Company fully intends to resolve the deficiency and regain compliance
with the Listing Rules.
Evaxion Biotech A/S is a clinical-stage biotech
company developing world-leading AI platforms. Evaxion's proprietary and scalable technologies harness the power of artificial intelligence
to decode the human immune system and develop novel immunotherapies for cancer, bacterial diseases, and viral infections. The company
is committed to transforming patients' lives with unmet clinical needs by providing innovative and targeted treatment options. For more
information about Evaxion and its groundbreaking immunotherapies, please visit www.evaxion-biotech.com.
Forward-looking statement
This announcement 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. The words "target," "believe," "expect," "hope,"
"aim," "intend," "may," "might," "anticipate,"
"contemplate," "continue," "estimate," "plan," "potential,"
"predict," "project," "will," "can have," "likely,"
"should," "would," "could," and other words and terms of similar meaning identify
forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result
of various factors, including, but not limited to, risks related to: our financial condition and need for additional capital; our
development work; cost and success of our product development activities and preclinical and clinical trials; commercializing any
approved pharmaceutical product developed using our AI platform technology, including the rate and degree of market acceptance of
our product candidates; our dependence on third parties including for conduct of clinical testing and product manufacture; our
inability to enter into partnerships; government regulation; protection of our intellectual property rights; employee matters and
managing growth; our ADSs and ordinary shares, the impact of international economic, political, legal, compliance, social and
business factors, including inflation, and the effects on our business from the worldwide COVID-19 pandemic and the ongoing conflict
in the region surrounding Ukraine and Russia; and other uncertainties affecting our business operations and financial condition. For
a further discussion of these risks, please refer to the risk factors included in our most recent Annual Report on Form 20-F
and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. We do
not assume any obligation to update any forward-looking statements except as required by law.
Evaxion Biotech A/S Christian Kanstrup Chief Executive Officer cka@evaxion-biotech.com
Source: Evaxion Biotech