Full Press Release Details
PolyPid Announces Receipt of Nasdaq Minimum
Bid Price Notification
TIKVA, Israel, December 9, 2022 -- PolyPid
Ltd. (Nasdaq: PYPD) ("PolyPid" or the "Company"), a late-stage biopharma
company aiming to improve surgical outcomes, today announced it has received a written notice (the "Notice") from Nasdaq Stock
Market LLC ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement for continued
listing set forth in Nasdaq 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 ordinary shares,
and during the grace period, as may be extended, the Company's ordinary shares will continue to trade on Nasdaq under the symbol
According to the Notice, the Company has until June 5, 2023 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 ordinary 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 the Company 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, the Company 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 allotted compliance
period(s), Nasdaq's staff will notify the Company that its ordinary shares are subject to delisting.
PolyPid Ltd. (Nasdaq: PYPD) is a late-stage biopharma company
aiming to improve surgical outcomes. Through locally administered, controlled, prolonged-release therapeutics, PolyPid's proprietary
PLEX (Polymer-Lipid Encapsulation matriX) technology pairs with Active Pharmaceutical Ingredients (APIs), enabling precise delivery of
drugs at optimal release rates over durations ranging from several days to months. PolyPid's lead product candidate D-PLEX100 is
in Phase 3 clinical trials for the prevention of soft tissue abdominal and sternal surgical site infections. In addition, the Company
is currently in preclinical stages to test the efficacy of OncoPLEX for treatment of solid tumors, beginning with glioblastoma.
For additional Company information, please visit http://www.polypid.com and
Forward-looking Statements
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar expressions
or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements
when it discusses regaining compliance with Nasdaq's continued listing requirements, and timing and effect thereof. Forward-looking
statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which,
by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can
be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially
from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more
detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from
time to time with the Securities and Exchange Commission ("SEC"), including, but not limited to, the risks detailed
in the Company's Annual Report on Form 20-F filed on February 28, 2022. Forward-looking statements speak only as of the date
the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent
events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent
required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn
that the Company will make additional updates with respect thereto or with respect to other forward-looking statements.
References and links to websites have been provided as a convenience,
and the information contained on such websites is not incorporated by reference into this press release. PolyPid is not responsible
for the contents of third-party websites.