Full Press Release Details
Announces Receipt of Nasdaq Minimum Bid Price Notification
Switzerland/Zurich, June
10, 2022 - 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,
announces that it has received a written notice (the "Notice") from Nasdaq Stock
Market LLC, indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in
Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share. Under Nasdaq Listing
Rule 5810(c)(3)(A), the Company has been granted a period of 180 calendar days to regain compliance with the minimum bid price requirement.
The Notice has no immediate effect on the Company's Nasdaq listing or the trading of its common shares, and during the grace period, as
may be extended, NLS's common shares will continue to trade on the Nasdaq Capital Market under the symbol "NLSP".
According to the Notice,
the Company has until December 5, 2022 to regain compliance with the minimum bid price requirement. The Company can regain compliance,
if at any time during this 180 day period, the closing bid price of its common shares is at least $1.00 for a minimum of ten
consecutive business days, in which case the Company will be provided with written confirmation of compliance and this matter will be
closed. In the event that NLS does not regain compliance after the initial 180-day period, the Company may then be eligible for an additional
180-day compliance period if it meets 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 minimum bid price requirement. In this case, NLS will need
to provide written notice of its intention to cure the deficiency during the second compliance period.
If the Company cannot demonstrate
compliance by the alloted compliance period(s), Nasdaq's staff will notify the Company that its common shares are subject to delisting.
About NLS Pharmaceutics
Pharmaceutics Ltd. is a Swiss clinical-stage biopharmaceutical company led by an experienced management team with a track record of developing
and repurposing product candidates to treat rare and complex central nervous system disorders. The Company's lead product candidate, Quilience ,
is a proprietary extended-release formulation of Mazindol (Mazindol ER) and is being developed for the treatment of narcolepsy, and potentially
other sleep-wake disorders such as idiopathic hypersomnia (IH). Mazindol is a triple monoamine reuptake inhibitor and partial Orexin-2
Receptor agonist, which was used for many years to treat patients diagnosed with narcolepsy in compassionate use programs. A Phase 2a
clinical trial evaluating Quilience in
adult subjects suffering from narcolepsy is currently ongoing in the United States. Previously, NLS successfully completed a Phase 2 study
in the U.S. evaluating Nolazol (Mazindol
Controlled-Release) in adult subjects suffering from ADHD. The study met all primary and secondary endpoints and Nolazol
was well-tolerated. Quilience
has received Orphan Drug Designations both in the U.S. and in Europe for
the treatment of narcolepsy. Up to 1/3 of narcoleptic patients are also diagnosed with ADHD. NLS has announced that it plans to enable
patients diagnosed with IH to access treatment with Quilience through
an Early Access Program (EAP). EAPs have great potential to benefit all stakeholders involved, from the patient who receives the medicine
early, to the pharmaceutical company who provides it. Although EAPs can represent a significant undertaking, companies who invest in them
can see considerable benefit in terms of launch preparedness, relationship building and market penetration.
Safe Harbor Statement
This press release 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 regaining
compliance with Nasdaq's continued listing requirements, and timing and effect thereof. 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; 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, 2021 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.
Alex Zwyer, CEO: +41 44 512 21 50
Investor Relations Contact
Cindy Rizzo: +1 908-229-7050
Pascal Nigen: +1 917-385-2160