Scinai Immunotherapeutics announced that it received formal notification from Nasdaq that the company has regained compliance with Nasdaq Listing Rule 5550(b)(1) that requires listed companies to maintain stockholders’ equity of at least $2.5M. On August 21, the company announced the closing of the loan restructuring agreement with European Investment Bank converting approximately $29M of debt to preferred equity and leaving a debt balance of approximately $273,000, as a result of which the company has stockholders’ equity in excess of $2.5M. The company is now back in full compliance with all Nasdaq listing requirements.
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