UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 1, 2023, BiondVax Pharmaceuticals Ltd. (the “Company”) received a deficiency letter from the staff of the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) notifying the Company that it is not in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 (the “Stockholders’ Equity Requirement”). The Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed April 17, 2023 reported a stockholders’ deficit of $1,760,000, which is below the Stockholders’ Equity Requirement for continued listing on the Nasdaq Capital Market. The letter from the Staff noted that the Company does not currently meet the alternative quantitative standards for continued listing on the Nasdaq Capital Market of market value of listed securities or net income from continuing operations.
The letter has no immediate effect on the listing of the Company’s ADSs, and its ADSs will continue at this time to trade on the Nasdaq Capital Market under the symbol “BVXV”.
In accordance with Nasdaq rules, the Company has been provided 45 calendar days, or until June 15, 2023, to submit a plan to regain compliance (the “Compliance Plan”) with the listing rules for the Nasdaq Capital Market. The Company will submit the Compliance Plan to the Staff on or prior to June 15th. If the Compliance Plan is acceptable to the Staff, they may grant an extension of 180 calendar days from the date of the Staff’s letter to regain compliance with the Stockholders’ Equity Requirement.
If the Staff does not accept the Compliance Plan, the Staff will provide written notification to the Company that the Compliance Plan has been rejected. At that time, the Company may appeal the Staff’s determination to a Nasdaq Hearings Panel pursuant to Nasdaq Listing Rule 5815(a).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 4, 2023 | BiondVax Pharmaceuticals Ltd. | |
| By: | /s/ Amir Reichman | |
| Amir Reichman | ||
| Chief Executive Officer | ||