Biophytis announces receipt of Nasdaq Notice
Biophytis announced that it has received written notification (the u201cNotification Letteru201d) from the Nasdaq Stock Market LLC (u201cNasdaqu201d) dated April 24, 2023, indicating that, based on the reported stockholdersu2019 equity of (u20ac1,911,000) of Biophytis as reported in its 20-F, the Company does not meet the minimum shareholdersu2019 equity criteria of $2,500,000 in stockholdersu2019 equity for continued listing (the u201cNasdaq Letteru201d).
nThe Notification Letter has no immediate effect on the listing of the ADSs, and they will continue to trade on The Nasdaq Global Select Market under the symbol u201cBPTSu201d.
nUnder Nasdaq Listing Rule 5550(b)(1), Biophytis has 45 calendar days, or until June 8, 2023, to submit a plan to regain compliance. If the plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the Nasdaq Letter to evidence compliance.
nBiophytis intends to regain compliance within the applicable compliance period and is currently working on a plan including financial and scientific projections.
nDuring this time, the Companyu2019s ADSs will continue to be listed and trade on The Nasdaq Global Select Market and the Companyu2019s business and operations are not affected by the receipt of the Notification Letter.
