Full Press Release Details
Pharmaceutics Announces Receipt of Notice of Deficiency with Nasdaq Continued Listing Requirements
Switzerland, January 12, 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 on January 9, 2024, it received
a letter from the Listing Qualifications staff of The Nasdaq Stock Market ("Nasdaq") notifying the Company that it is 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. In accordance with Nasdaq Marketplace Rule
5810(c)(2)(A), the Company has 45 calendar days, or until February 23, 2024, to submit a plan to regain compliance. If the plan is accepted,
Nasdaq can grant an extension of up to 180 calendar days from the date of the letter to evidence compliance. The notification letter
has no immediate effect on the Company's listing on the Nasdaq Capital Market. The Company's management is looking into
various options available to regain compliance and maintain its continued listing on the Nasdaq Capital Market. The Company intends to
submit the compliance plan as soon as practicable.
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, and the 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; 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.
NLS Pharmaceutics Ltd.