Full Press Release Details
Pharmaceutics' Plan to Regain Listing Compliance
Z rich, Switzerland,
March 11, 2024 - NLS Pharmaceutics Ltd. (Nasdaq: NLSP, NLSPW) ("NLS" or the "Company"), a Swiss clinical-stage
biopharmaceutical company focused on the discovery and development of innovative therapies for patients with rare and complex central
nervous system disorders, today announced that it has been notified by the Listing Qualifications Department of the Nasdaq Stock Market
LLC ("Nasdaq") that the Company's plan to regain compliance submitted on February 23, 2024 has been approved.
On January 9, 2024, NLS
received a letter from the Listing Qualifications staff of Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it
was no longer in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq
Listing Rule 5550(b)(1) requires listed companies to maintain stockholders' equity of at least $2,500,000. Under Nasdaq Listing Rule 5810(c)(3)(A),
the Company had been granted a period of 180 calendar days to regain compliance with the minimum bid price requirement. Upon the expiration
of that grace period, on February 23, 2024, NLS submitted the Company's plan, on time, to regain compliance with Nasdaq Listing Rule 5550(b)(1).
On March 7, 2024, the
Listing Qualifications Department of Nasdaq notified NLS that they had accepted the plan submitted and the Company has been afforded an
additional 180 day calendar days from the date of the letter, or until July 8, 2024, to evidence
About NLS Pharmaceutics Ltd.
NLS Pharmaceutics Ltd. (Nasdaq: NLSP) is
a global development-stage biopharmaceutical company, working with a network of world-class partners and internationally recognized
scientists, focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system,
or CNS, disorders, who have unmet medical needs. Headquartered in Switzerland and founded in 2015, NLS is led by an experienced management
team with a track record of developing and commercializing product candidates. For more information, please visit www.nlspharma.com.
Safe Harbor Statement
This letter contains expressed or implied forward-looking
statements pursuant to U.S. Federal securities laws. For example, NLS is using forward-looking statements when it discusses the potential
to regain compliance with Nasdaq's continued listing requirements. These forward-looking statements and their implications are based on
the current expectations of the management of NLS only and are subject to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause
actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements;
NLS may encounter delays or obstacles in launching and/or successfully completing its clinical trials; NLS' products may not be approved
by regulatory agencies, NLS' technology may not be validated as it progresses further and its methods may not be accepted by the scientific
community; NLS may be unable to retain or attract key employees whose knowledge is essential to the development of its products; unforeseen
scientific difficulties may develop with NLS' process; NLS' products may wind up being more expensive than it anticipates; results in
the laboratory may not translate to equally good results in real clinical settings; results of preclinical studies may not correlate with
the results of human clinical trials; NLS' patents may not be sufficient; NLS' products may harm recipients; changes in legislation may
adversely impact NLS; inability to timely develop and introduce new technologies, products and applications; and loss of market share
and pressure on pricing resulting from competition, which could cause the actual results or performance of NLS to differ materially from
those contemplated in such forward-looking statements. Except as otherwise required by law, NLS undertakes no obligation to publicly release
any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events. More detailed information about the risks and uncertainties affecting NLS is contained under the heading "Risk
Factors" in NLS' annual report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission
("SEC"), which is available on the SEC's website, www.sec.gov, and in subsequent filings made by NLS with the SEC.
For additional information:
Marianne Lambertson (investors & media)
NLS Pharmaceutics Ltd.