BOSTON - Allarity Therapeutics, Inc. (NASDAQ: ALLR), a biopharmaceutical firm focusing on personalized cancer treatments, has been granted an extension until April 24, 2024, to meet Nasdaq's continued listing requirements. The extension is specifically for the Bid Price Rule and the Equity Rule or any of the alternative requirements in Listing Rule 5550(b).
The decision from Nasdaq came after Allarity presented a strategic plan on February 1, 2024, detailing both immediate and long-term measures to address compliance deficiencies. The company is striving to achieve a stockholders' equity of at least $2.5 million and maintain a minimum bid price of $1.00 per share for at least 10 consecutive business days to ensure compliance.
Allarity's plan includes a comprehensive review and reduction of operating costs, potential conversion of existing liabilities, and the pursuit of additional capital through various strategic financing options. The implementation of this plan is aimed at not only meeting Nasdaq’s immediate compliance requirements but also at strengthening the company’s financial position and operational efficiency.
Interim CEO Thomas Jensen expressed confidence in the company's ability to execute the plan effectively, emphasizing Allarity's commitment to its shareholders and its mission to advance personalized cancer treatments.
The Nasdaq extension does not affect the current trading of Allarity’s Common Stock, which continues under the ticker "ALLR." The company uses its proprietary DRP® Companion Diagnostic to enhance the therapeutic benefit rate by selecting patients with a high likelihood of benefiting from specific drugs. This approach is supported by a robust platform that has demonstrated significant predictive capability in clinical outcomes across numerous studies.
Allarity Therapeutics, headquartered in the U.S. with a research facility in Denmark, is actively developing stenoparib, a novel PARP/Tankyrase inhibitor for advanced ovarian cancer patients, and is conducting a phase 2 clinical trial using its DRP® companion diagnostic for patient selection.
The information in this article is based on a press release statement. Forward-looking statements within the release indicate management's expectations for future events, subject to risks and uncertainties that could cause actual outcomes to differ materially. The company has disclosed these risks in its regulatory filings, which are available on the SEC's website.
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