TC Biopharm regains compliance with Nasdaq listing rule

TC BioPharm announced that the Company has regained compliance with the Nasdaq Stock Market Listing Rule 5550(b) which will maintain the listing of the Company’s American depositary shares on the Nasdaq Global Select Market. On May 24, 2024, the Company received written notification from the listing qualifications staff of the Nasdaq Stock Market, indicating that the Company was not in compliance with the Minimum Stockholders’ Equity Requirement, as of March 31, 2024. This letter indicated that while Nasdaq estimates the Company is currently in compliance with the Minimum Stockholders’ Equity Requirement it notes that based on the historical burn rate, without a significant transaction, the Company will not be in compliance as of the next period ending June 30, 2024. On August 1, 2024, the Company received written notification from Nasdaq that the hearing panel granted the Company’s request to continue its listing on Nasdaq subject to compliance with the Minimum Stockholders’ Equity Requirement on or before August 15, 2024. The Company believes that due to the closing of the transactions contemplated by the Purchase Agreement it is now in compliance with the Minimum Stockholders’ Equity Requirement.