OKYO Pharma Limited Receives Nasdaq Deficiency Notice
28 Juli 2023 - 11:05PM
OKYO Pharma Limited (Nasdaq: OKYO) ("OKYO" or the "Company"),
an ophthalmology-focused bio-pharmaceutical company which is
developing OK-101 to treat dry eye disease (DED) to address the
significant unmet need in this multi-billion-dollar market, today
announced that it received a deficiency letter from the Listing
Qualifications Department (the "Staff") of the Nasdaq Stock Market
("Nasdaq") notifying OKYO that, for the previous 30 consecutive
business days, the market value of OKYO’s ordinary shares had
closed below the minimum $35 million requirement for continued
inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing
Rule 5550(b)(2) (the "Market Value Rule").
The Nasdaq deficiency letter has no immediate effect on the
listing of OKYO's ordinary shares on the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(3)(C) (the
"Compliance Period Rule"), OKYO has been provided an initial period
of 180 calendar days, or until January 22, 2024 (the
"Compliance Date"), to regain compliance with the Market Value
Rule. If, at any time before the Compliance Date, the market value
of OKYO’s ordinary shares is $35 million or more for a minimum of
10 consecutive business days, as required under the Compliance
Period Rule, the Staff will provide written notification to OKYO
that it complies with the Market Value Rule.
However, if OKYO does not regain compliance with the Market
Value Rule by the Compliance Date, then Nasdaq will provide notice
to OKYO that its ordinary shares will be subject to delisting. At
that time, OKYO may appeal the Staff's delisting determination to a
Nasdaq Listing Qualifications Panel (the "Panel"). OKYO expects
that its ordinary shares would remain listed pending the Panel's
decision. There can be no assurance that, if OKYO does appeal the
Staff's delisting determination to the Panel, such appeal would be
successful.
About OKYOOKYO Pharma Limited (Nasdaq: OKYO) is
a life sciences company focusing on the discovery and development
of novel molecules to treat inflammatory dry eye diseases and
chronic pain. For further information, please visit
www.okyopharma.com.
Forward-Looking StatementsCertain statements
made in this announcement are forward-looking statements. These
forward-looking statements are not historical facts but rather are
based on the Company's current expectations, estimates, and
projections about its industry; its beliefs; and assumptions. Words
such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,'
'seeks,' 'estimates,' and similar expressions are intended to
identify forward-looking statements. These statements are not
guarantees of future performance and are subject to known and
unknown risks, uncertainties, and other factors, some of which are
beyond the Company's control, are difficult to predict, and could
cause actual results to differ materially from those expressed or
forecasted in the forward-looking statements. The Company cautions
security holders and prospective security holders not to place
undue reliance on these forward-looking statements, which reflect
the view of the Company only as of the date of this announcement.
The forward-looking statements made in this announcement relate
only to events as of the date on which the statements are made. The
Company will not undertake any obligation to release publicly any
revisions or updates to these forward-looking statements to reflect
events, circumstances, or unanticipated events occurring after the
date of this announcement except as required by law or by any
appropriate regulatory authority.
For further information, please visit the Company's website
at www.okyopharma.com
Enquiries:
OKYO Pharma
Limited |
Gary S. Jacob, Chief Executive
Officer |
U.S. 917-497-7560 |
Investor
Relations |
Paul Spencer |
+44 (0)20 7495 2379 |
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