This announcement contains
inside information for the purposes of Article 7 of the UK version
of Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Renalytix plc
("Renalytix" or the
"Company")
Renalytix Announces Receipt of Nasdaq
Delisting Determination - Plans to Appeal
LONDON and NEW YORK, June 25, 2024 (GLOBE
NEWSWIRE) -- Renalytix
plc (NASDAQ: RNLX) (LSE: RENX) announces that as
previously disclosed, on December 22, 2023, Renalytix plc (the
"Company") received two written notices (the "Notices") from the
Listing Qualifications Department of the Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that (i) because the closing
bid price for the Company's American Depositary Shares ("ADSs"),
each representing two ordinary shares, nominal value £0.0025 per
share, was below $1.00 per ADS for at least 30 consecutive business
days, the Company did not meet the $1.00 per ADS minimum bid price
requirement of Nasdaq Listing Rule 5450(a)(1) the ("Minimum Bid
Price Requirement") and (ii) it is not in compliance with the
requirement to maintain a minimum market value of listed securities
(the "MVLS") of $50,000,000 for continued listing on The Nasdaq
Global Market, as set forth in Nasdaq Listing Rule 5450(b)(2)(A)
(the "MVLS Requirement"). Pursuant to Nasdaq Listing Rule
5810(c)(3)(A) and Nasdaq Listing Rule 5810(c)(3)(C), the Company
had a compliance period of 180 calendar days, or until
June 19, 2024 (the "Compliance Period"), to regain compliance
with the Minimum Bid Price Requirement and the MVLS
Requirement.
On June 21, 2024, the Company received written notice
from Nasdaq notifying the Company that the Nasdaq staff has
determined that the Company did not regain compliance within the
Compliance Period. As a result, unless the Company requests an
appeal of this determination before a Nasdaq Hearings Panel (the
"Panel") by June 28, 2024, trading of the Company's ADSs will be
suspended at the opening of business on July 2, 2024, and a Form
25-NSE will be filed with the Securities and Exchange Commission
(the "SEC"), which will remove the Company's securities from
listing and registration on Nasdaq.
The Company intends to submit an
appeals hearing request to the Panel, which request will
stay the suspension of the Company's securities and the filing of
the Form 25-NSE pending the Panel's decision. Throughout this
process, pending the Panel's decision, the Company's ADSs will
continue trading on the Nasdaq Global Market under the symbol
"RNLX".
At the Panel hearing, the Company intends to
present a strategic plan to regain compliance with the applicable
Nasdaq listing requirements. In the interim, the Company's ADSs
will continue to trade on Nasdaq. There can be no assurance that
the Company's plan will be accepted by the Panel or that, if it is,
the Company will be able to regain compliance with the applicable
Nasdaq listing requirements. If the Company's ADSs are delisted, it
could be more difficult to buy or sell the Company's ADSs or to
obtain accurate quotations, and the price of the Company's ADSs
could suffer a material decline. Delisting could also impair the
Company's ability to raise capital.
For
further information, please contact:
Renalytix
plc
|
www.renalytix.com
|
James McCullough, CEO
|
Via Walbrook PR
|
|
|
Stifel (Nominated
Adviser, Joint Broker)
|
Tel: 020 7710 7600
|
Alex Price / Nicholas Moore / Nick Harland / Samira
Essebiyea
|
|
|
|
Investec Bank plc
(Joint Broker)
|
Tel: 020 7597 4000
|
Gary Clarence / Shalin Bhamra
|
|
|
|
Walbrook PR
Limited
Paul McManus / Alice Woodings /
Charlotte Edgar
|
Tel: 020 7933
8780 or renalytix@walbrookpr.com
Mob: 07980 541 893 / 07407 804 654 /
07884 664 686
|
|
|
CapComm
Partners
|
|
Peter DeNardo
|
Tel:
415-389-6400 or investors@renalytix.com
|
|
|
About
Renalytix
Renalytix (NASDAQ: RNLX) (LSE: RENX) is an artificial
intelligence enabled in-vitro diagnostics and
laboratory services company that is the global founder and leader
in the field of bioprognosis™ for kidney health. In late 2023, our
kidneyintelX.dkd test was recognized as the first and only
FDA-authorized prognostic test to enable early-stage CKD (stages
1-3b) risk assessment for progressive decline in kidney function in
T2D patients. By understanding how disease will progress, patients
and clinicians can take action earlier to improve outcomes and
reduce overall health system costs. For more information,
visit www.renalytix.com.
Forward-Looking
Statements
Certain statements contained in this Current Report
on Form 8-K are not historical facts and are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. This information includes, without
limitation, statements concerning the Company's intention or
ability to regain compliance with the applicable Nasdaq listing
requirements, the Company's intention to appeal the Nasdaq staff's
determination, the Company's expectation that a request for a
Panel hearing will stay the suspension of the Company's
securities pending the Panel's decision, the timing and nature of
any hearing before the Panel, the outcome of the Panel's
review of any Company appeal of the Nasdaq staff's determination,
and any courses of action to regain compliance with the applicable
Nasdaq listing requirements. Words such as "anticipates,"
"believes," "estimates," "expects," "intends," "plans," "seeks,"
and similar expressions are intended to identify forward-looking
statements. The Company may not actually achieve the plans and
objectives disclosed in the forward-looking statements, and you
should not place undue reliance on the Company's forward-looking
statements. Any forward-looking statements are based on
management's current views and assumptions and involve risks and
uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in such
statements. These and other risks are described more fully in the
Company's filings with the Securities and Exchange
Commission (SEC), including the "Risk Factors" section of its
annual report on Form 10-K filed with
the SEC on September 28, 2023, and any risks
that may be contained in any subsequent filings that the Company
makes with the SEC. The Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events, or otherwise, except as required
by law.