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Statera Biopharma (NASDAQ:STAB) (the "Company"), a biopharmaceutical company creating next-generation immune therapies that focus on immune restoration and homeostasis, today announced the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on May 18, 2022 indicating that, because the Company was delinquent in filing its quarterly report on Form 10-Q on May 15, 2022 for the first quarter ended March 31, 2022, the Company had not complied with Nasdaq Listing Rule 5250(c)(1) for continued listing.
Statera is searching to identify a new independent registered public accounting firm. The Company will disclose the engagement of the new firm in accordance with SEC rules and regulations once the process has been completed. The Company recently restructured to reduce cash burn and conserve resources. The Company is also working to complete the previously announced transactions with Coeptis Therapeutics, Inc. and Immune Therapeutics, Inc. to out-license certain assets. In addition, the Company has the potential to reinvirogate its pipeline with certain assets from Lay Sciences, Inc. as previously announced.
On April 19, 2022, the Company received notification from Nasdaq that it had failed to comply with Nasdaq Listing Rule 5250(c)(1) because it was delinquent in filing its Annual Report on Form 10-K for the period ending December 31, 2021. In a subsequent letter dated May 18, 2022 the Company received further notification from Nasdaq that it had failed to comply with Nasdaq Listing Rule 5250(c)(1) because it was delinquent in filing its Quarterly Report on Form 10-Q for the three-month period ending March 31, 2022.
In accordance with Nasdaq's letters dated April 19, 2022 and May 18, 2022, the Company has until June 20, 2022 to submit a plan to regain compliance with respect to the delinquencies described in this announcement. Any Nasdaq exception to allow the Company to regain compliance, if granted, will be limited to a maximum of 180 calendar days from the due date of the initial delinquent filing of the Company's 2021 Form 10-K, or October 17, 2022. The Company intends to submit a timely plan.
There can be no assurance that the Company will be able to regain compliance with the Nasdaq listing criteria or will otherwise be in compliance with the Nasdaq listing criteria.
Posted In: STAB
