Ad Hoc Announcement Pursuant to Art.53 LR
Geneva, Switzerland, November 3, 2022 – Addex Therapeutics (NASDAQ:ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development (the Company), announced today that it had received written notification from Nasdaq indicating that, for the last thirty consecutive business days, the bid price for the Company’s American Depositary Shares (ADSs) had closed below the minimum US$1.00 per ADS requirement for continued listing on Nasdaq under listing rule 5550(a)(2).
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days to regain compliance and will receive written notification if the Company achieves compliance at any time during this period. Compliance will be achieved if the bid price of the ADSs closes at US$1.00 per ADS or more for a minimum of ten consecutive business days.
The Company will monitor the bid price of its ADSs and evaluate options to regain compliance with Nasdaq’s minimum bid price rule within the compliance period. If compliance with Rule 5550(a)(2) is not regained by April 26, 2023, the Company may be eligible for an additional 180 calendar day compliance period.
The Company’s operations are not affected by the receipt of the notification letter and The Company fully intends to resolve the deficiency and regain compliance with the Nasdaq Listing Rules.
