Avalon GloboCare Faces Potential Delisting from Nasdaq Due to Bid Price Non-Compliance

Avalon GloboCare Corp. received notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC on October 29, 2024, indicating the company’s failure to regain compliance with the minimum bid price requirement outlined in Nasdaq Listing Rule 5550(a)(2). The non-compliance stemmed from a reverse stock split, effective on October 25, 2024, which did not occur at least ten business days before the stipulated deadline of October 28, 2024.

To address this issue and potentially avoid delisting from Nasdaq, Avalon GloboCare Corp. intends to appeal the decision by submitting an appeal before November 5, 2024. The company aims to request a hearing to address the bid price deficiency before the Nasdaq Hearings Panel. The anticipated resolution of the bid price deficiency is contingent upon the completion of the Reverse Split.

The Reverse Split involved a restructuring of the company’s common stock at a ratio of 1-for-15. By implementing this initiative, Avalon GloboCare Corp. expects to rectify the bid price deficiency, fulfilling Nasdaq’s requirements for continued listing. Shares are anticipated to begin trading on a split-adjusted basis on November 5, 2024, provided the appeal process is initiated successfully.

The company’s transfer agent, Equiniti Trust Company, LLC, is overseeing the Reverse Stock Split process. Shareholders are not expected to take any action as the combination and reduction in the issued shares of common stock will automatically occur without their intervention.

Avalon’s effort to resolve the bid price deficiency aligns with its commitment to maintaining compliance with Nasdaq’s listing regulations. Shareholders and interested parties are encouraged to monitor updates through official channels and disclosures provided by the company as the situation evolves.

Please note that this news release may contain forward-looking statements subject to inherent risks and uncertainties. Avalon GloboCare Corp. encourages stakeholders to exercise caution and not place undue reliance on these forward-looking statements. The company disclaims any intent or obligation to make further updates beyond the date of this release, except as required by law.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Avalon GloboCare’s 8K filing here.

Avalon GloboCare Company Profile

Avalon GloboCare Corp., together with its subsidiaries, owns and operates commercial real estate properties in the United States and China. The company develops and delivers transformative cellular therapeutics, precision diagnostics, and clinical laboratory services. Its leading candidates are AVA-001, an anti-CD19 CAR-T, which has completed first-in-human clinical trial for relapsed/refractory (R/R) B-cell lymphoblastic leukemia; and AVA-011 that has completed pre-clinical laboratory studies and undergoing IND-enabling process development stage to generate cGMP-grade AVA-011 CAR-T cells.