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Allarity Therapeutics Receives Extension from Nasdaq Hearings Panel to Regain Compliance with Listing Rules 5550(a)(2) and 5550(b)(1)
Boston (March 25, 2024) — Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a clinical-stage pharmaceutical company dedicated to
About this update from Allarity Therapeutics, Inc.
[{"type":"text","content":"Boston (March 25, 2024) — Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a clinical-stage pharmaceutical company dedicated to developing personalized cancer treatments, today announced that the Company has been granted a formal extension until April 24, 2024 to regain compliance under Nasdaq Listing Rules 5550(a)(2) (the “Bid Price Rule”) and 5550(b)(1) (the “Equity Rule”) or any of the alternative requirements in Listing Rule 5550(b). The granting of the extension follows a proactive effort by the Company to address compliance deficiencies and the presentation of a strategic plan to the Nasdaq Hearings Panel on February 1, 2024. The plan contained both immediate and sustained measures aimed at ensuring compliance with both the Bid Price Rule and the Equity Rule. To ensure compliance with the rules of The Nasdaq Capital Market (“Nasdaq”) by April 24, 2024, or sooner, the Company is working towards achieving a stockholders' equity of at least $2.5 million and a minimum bid price of $1.00 per share or more for a minimum of 10 consecutive business days. The plan presented encompasses a series of decisive steps, including a comprehensive review and reduction of operating costs, the potential conversion of existing liabilities, and the pursuit of additional capital through separate sources of short-term and longer-term strategic financing. This multifaceted plan is currently being implemented and not only aims to meet Nasdaq’s immediate compliance requirements but also to strengthen the Company’s general financial position and operational efficiency. Interim CEO Thomas Jensen stated, “We interpret this as Nasdaq's recognition of our efforts and confidence in our ability to execute this plan effectively. We are determined to attempt to fulfill these compliance measures promptly, reaffirming our responsibility to our shareholders to keep advancing the company towards our goal of developing novel personalized cancer treatments.” Nasdaq's extension notice has no immediate effect on the listing or trading of Allarity’s Common Stock, which will continue to trade on Nasdaq under the symbol \"ALLR.\" About the Drug Response Predictor – DRP® Companion DiagnosticAllarity uses its drug-specific DRP® to select those patients who, by the expression signature of their cancer, are found to have a high likelihood of benefi...