XTL Biopharmaceuticals provides update on recent developments

XTL Biopharmaceuticals (XTLB) announced that it is working to close the acquisition of 85% of the shares of NeuroNOS from Beyond Air (XAIR) following the execution of the binding letter of intent on January 13 and has already scheduled a shareholders meeting for February 17 to approve a private placement of up to $2M. Management of the company believes that the completion of the proposed transaction to acquire 85% of the shares of NeuroNOS as well as the private placement, will remedy its deficiency under Nasdaq Listing Rule 5550 to maintain a minimum of $2.5M in stockholders’ equity. The company is currently working to submit to Nasdaq a plan to regain compliance with this Nasdaq Listing Rule. However, there can be no assurance at this point that the proposed acquisition will close in a timely manner or at all or that shareholders will approve the private placement in a timely manner or at all, nor can there be any assurance that Nasdaq will approve the company’s plan, that the company will regain compliance with the stockholders’ equity rule, or that the company will maintain compliance with any of Nasdaq’s other listing rules.