NLS Pharmaceutics regains compliance with Nasdaq requirement

NLS Pharmaceutics announced that it received a notification letter from the Hearings Panel of The Nasdaq Stock Market notifying the Company that it has regained compliance with Nasdaq Listing Rule 5550(b)(1), which requires listed companies to maintain stockholders’ equity of at least $2,500,000. The Company has now successfully resolved both outstanding Nasdaq compliance issues. As previously announced, on April 1, 2022, NLS was first notified by Nasdaq of its failure to comply with Nasdaq Listing Rule 5550(b)(1). As reported on November 14, 2022, following an appeal by NLS, the Panel granted the Company’s request to continue its listing on Nasdaq and further requested that the Company demonstrate compliance with Listing Rule 5550(b)(1) no later than February 28, 2023. On January 24, 2023, the Panel confirmed the Company’s compliance with the previously communicated conditions and determined that the Company regained compliance with Listing Rule 5550(b)(1). Accordingly, the Panel has determined to continue the listing of the Company’s securities on Nasdaq and considers this matter closed.