BioLineRx Ltd (BLRX)

[midastouch017]

BioLineRx Announces Receipt of Nasdaq Minimum Bid Price Notification

https://finance.yahoo.com/news/biolinerx-announces-receipt-nasdaq-minimum-210000244.html

TEL AVIV, Israel, May 17, 2024 /PRNewswire/ -- BioLineRx Ltd. (NASDAQ: BLRX) (TASE: BLRX) ("BioLineRx" or the "Company"), a commercial stage biopharmaceutical company pursuing life-changing therapies in oncology and rare diseases, today announced that it has received a notification letter from the Nasdaq Stock Market LLC ("Nasdaq"). The letter notifies the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq Capital Market, since the closing bid price for the Company's American Depositary Shares ("ADSs") listed on the Nasdaq was below USD $1.00 for 30 consecutive trading days. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of USD $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days.

The Notice has no immediate effect on the Company's Nasdaq listing or the trading of its ADSs, and during the grace period, as may be extended, the Company's ADSs will continue to trade on the Nasdaq under the symbol "BLRX".

In accordance with Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, or until November 11, 2024, to regain compliance with the minimum bid price. If at any time before November 11, 2024 the bid price of the Company's ADSs closes at or above USD $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement.

In the event the Company does not regain compliance by November 11, 2024, the Company may be eligible for an additional 180 days to regain compliance 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.

The Company will continue to monitor the closing bid price of its ADSs on the Nasdaq between now and November 11, 2024 and seek to cure the deficiency within the prescribed compliance period. The Company's business operations are not affected by the notification letter.

If the Company cannot demonstrate compliance by the allotted compliance period(s), Nasdaq's staff will notify the Company that its ADSs are subject to delisting.

The Company's ordinary shares are also listed on the Tel Aviv Stock Exchange and the notification letter does not affect the Company's compliance status with such listing.