Business
Allarity Therapeutics Exceeds Nasdaq’s Minimum Equity Requirement; Requests Voluntarily Withdrawal of Form S-1
- Stockholders’ equity significantly surpasses the $2.5 million minimum required by Nasdaq - Company is to seek Nasdaq’s formal confirmation of compliance
About this update from Allarity Therapeutics, Inc.
[{"type":"text","content":"- Stockholders’ equity significantly surpasses the $2.5 million minimum required by Nasdaq - Company is to seek Nasdaq’s formal confirmation of compliance with equity requirements under the exchange’s Rule 5550(b)(1). - Company will submit a request to the SEC to withdraw Form S-1 Boston (May 6, 2024)—Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a clinical-stage pharmaceutical company dedicated to developing personalized cancer treatments, today announced that its stockholders’ equity is significantly above the $2.5 million minimum required by Nasdaq Listing Rule 5550(b)(1)(the “Equity Rule”). The Company is in the process of obtaining official written confirmation from Nasdaq, which will reinstate its full compliance with Nasdaq listing requirements. In line with this progress, Allarity plans to formally request the Securities and Exchange Commission (the “SEC”) to withdraw its Registration Statement on Form S-1 (File No.: 333-275224), which was originally submitted to the SEC on October 30, 2023. This decision follows a thorough reassessment of the company’s financial position, reflecting the recent improvement in equity status. Thomas Jensen, CEO of Allarity Therapeutics, stated, “I am confident in our ability to regain compliance with Nasdaq’s equity rule. Achieving this milestone not only aligns with our regulatory goals but also frees us to fully focus on advancing stenoparib, our leading asset. We are committed to revolutionizing the treatment landscape for advanced, recurrent ovarian cancer patients with this promising therapy, enhanced by our unique Drug Response Predictor, the DRP®, our dedicated companion diagnostic.” The Company will disclose the updated equity amount in its forthcoming Form 10-Q as part of its routine financial disclosures. This Form 10-Q is expected to be filed on May 14, 2024, and will provide stockholders with detailed insights into the Company’s financial situation. About the Drug Response Predictor – DRP® Companion Diagnostic Allarity uses its drug-specific DRP® to select those patients who, by the gene expression signature of their cancer, are found to have a high likelihood of benefiting from a specific drug. By screening patients before treatment, and only treating those patients with a sufficiently high, drug-specific DRP score, the therapeutic benefit rate may ...