Avalo Therapeutics Inc.
07/30/2024 | Press release | Distributed by Public on 07/30/2024 14:02
Material Event Form 8 K
Item 8.01 Other Events.
As previously disclosed, on May 20, 2024, Avalo Therapeutics, Inc.(the "Company") received a notice (the "Notice") from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market LLC ("Nasdaq") informing the Company that it no longer complied with the requirement under Nasdaq Listing Rule 5550(b)(1) to maintain a minimum of $2,500,000 in stockholders' equity for continued listing on the Nasdaq Capital Market (the "Stockholders' Equity Requirement") because the Company reported stockholders' equity of negative $112.5 million in its Form 10-Q for the period ended March 31, 2024, and, as of the date of the Notice, the Company did not meet the alternatives of market value of listed securities or net income from continuing operations (together with the Stockholders' Equity Requirement, the "Listing Rule").
In accordance with the Nasdaq Listing Rules, the Company submitted a plan of compliance to the Staff.
On July 29, 2024, the Company received written notice from Nasdaq that the Staff had granted the Company a 180-day extension, or until November 18, 2024, to exhibit compliance with the Listing Rule.
There can be no assurance that the Company will be able to regain compliance with the Listing Rule prior to November 18, 2024.
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