Conduit granted extension by Nasdaq to regain compliance

Conduit Pharmaceuticals (CDT) announces that, on February 11, the Company presented its plan of compliance to The Nasdaq Stock Market Hearing Panel and requested an extension of time to achieve compliance with Nasdaq Listing Rules 5450(a)(1), 5450(b)(2&3)(C) and 5450(b)(2)(A), the Minimum Bid Price, Market Value of Publicly Held Shares and Market Value of Listed Securities rules, respectively. On March 5, 2025, the Company received a written notification from the Panel confirming it has granted the Company such an extension for the Company to regain compliance with the MVPHS and MVLS rules, provided that the Company, on or before March 12, 2025, files an application to transfer to the Nasdaq Capital Market, which it intends to do, and on or before March 31, 2025, demonstrates compliance with all Nasdaq listing rules, which it also intends to do, and believes it will satisfy. Additionally, the Company was also notified in the Notice that as of February 26, 2025, it had regained compliance with Nasdaq Listing Rule 5450(a)(1), the Bid Price rule. Following the transfer to the Nasdaq Capital Market, the Company’s current MVPHS will be compliant with the MVPHS continued listing standard of greater than $1M and the Company believes it will be able to demonstrate its compliance with the Equity Standard of Stockholder’s Equity greater than $2.5M prior to the March 31, 2025, deadline to the satisfaction of Nasdaq, although no such assurance can be given.