Pluri Inc., a biotechnology firm operating under the name 03 Life Sciences and specializing in biological products, announced on Monday that it has successfully regained compliance with the Nasdaq Capital Market's stockholders' equity requirement. The company, headquartered in Haifa, Israel, had previously received a deficiency notice from Nasdaq on May 28, 2024, for failing to meet the minimum stockholders' equity threshold of $2.5 million necessary for continued listing.
In response to the deficiency notice, Pluri Inc. submitted a compliance plan on July 11, 2024, outlining steps to rectify the shortfall. Nasdaq accepted the plan and granted the company an extension until November 24, 2024, to meet the listing standards.
The company's efforts to address the issue have been successful, with Nasdaq confirming on September 26, 2024, that Pluri Inc. now complies with the stockholders' equity requirement as well as the alternative listing standards, which include maintaining a market value of listed securities of at least $35 million or net income of $500,000 from continuing operations in the most recently completed fiscal year or in two of the three most recently completed fiscal years.
Pluri Inc., which is listed under the ticker symbol NASDAQ:PLUR, has been proactive in addressing the compliance issue and ensuring that its financial standing aligns with Nasdaq's requirements. The company's CEO, Yaky Yanay, signed off on the 8-K filing that reported this development to the Securities and Exchange Commission (SEC) on October 1, 2024.
This announcement marks the resolution of the compliance issue, allowing the company to continue its listing on the Nasdaq Capital Market without the looming risk of delisting. The information is based on a press release statement and reflects the current status of Pluri Inc. as a compliant entity on the Nasdaq stock exchange.
In other recent news, Pluri Inc. is facing potential delisting from the Nasdaq Capital Market due to an equity shortfall, as per an 8-K filing with the Securities and Exchange Commission. The biotechnology firm has been given an extension till November 24, 2024, to regain compliance.
In a strategic move, Pluri has entered a proof of concept agreement with an undisclosed international agriculture corporation, aiming to boost the global vegetable supply through its proprietary 3D cell expansion technology.
On the executive front, CFO Chen Franco-Yehuda has resigned, with Liat Zalts stepping in as her successor. In terms of funding, Pluri's subsidiary, Ever After Foods Ltd., has secured $10 million to enhance its cultivated food production technology.
The company continues to receive funding from the U.S. National Institute of Allergy and Infectious Diseases for its cell therapy PLX-R18 and has secured a U.S. patent for a novel method of expanding immune cells. Pluri has also entered a manufacturing agreement with Remedy Cell Ltd. for a drug candidate aimed at treating Idiopathic Pulmonary Fibrosis. These are some of the recent developments at Pluri Inc.
InvestingPro Insights
Pluri Inc.'s recent compliance with Nasdaq's stockholders' equity requirement is a positive development for the company, but investors should consider additional financial metrics to gain a comprehensive view of its current position. According to InvestingPro data, Pluri has a market capitalization of $30.8 million USD, which aligns with the company's efforts to meet Nasdaq's alternative listing standards.
InvestingPro Tips highlight that Pluri is "quickly burning through cash" and is "not profitable over the last twelve months." These insights are particularly relevant given the company's recent financial challenges that led to the Nasdaq compliance issue. However, it's worth noting that "analysts predict the company will be profitable this year," which could signal a potential turnaround in Pluri's financial performance.
The company's revenue for the last twelve months as of Q4 2024 stands at $0.33 million USD, with a revenue growth of 13.59% over the same period. This growth, albeit modest, indicates that Pluri is making progress in its operations despite the challenges it has faced.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Pluri's financial health and market position. There are 10 additional InvestingPro Tips available for Pluri Inc., which could be valuable for those looking to make informed investment decisions.
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