Pluri Inc., a biotechnology company specializing in biological products, has been granted an extension by Nasdaq to meet the exchange's continued listing requirements. The company, previously known as Pluristem Therapeutics (NASDAQ:PLUR) Inc., received a deficiency notice from Nasdaq on November 25, 2024, due to its failure to maintain the minimum required stockholders’ equity of $2.5 million and not meeting alternative listing standards.
On January 6, 2025, Pluri submitted a Compliance Plan to Nasdaq, outlining the steps it intends to take to regain compliance. In response, Nasdaq has allowed Pluri until May 24, 2025, to meet the Stockholders’ Equity Requirement. Failure to demonstrate compliance by this deadline may lead to the delisting of the company's common shares. However, Pluri would then have the option to appeal the decision before a Nasdaq Hearings Panel.
The company's management has expressed its intention to take all necessary measures to regain compliance and maintain its listing on the Nasdaq Capital Market. While Pluri's common shares continue to be traded under the ticker symbol "PLUR", InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 5.9, though it's currently burning through cash reserves. Subscribers can access 8 additional key insights about Pluri's financial health.
The forward-looking statements included in the SEC filing indicate Pluri's optimism about regaining compliance, although they acknowledge that there is no certainty in achieving this goal. Factors such as financing challenges, regulatory hurdles, and potential scientific setbacks could impact the company's ability to meet Nasdaq's requirements.
In other recent news, biotechnology firm Pluri Inc. has addressed its equity shortfall and regained compliance with the Nasdaq Capital Market's stockholders' equity requirement. Previously, Pluri had received a warning from Nasdaq due to non-compliance with the exchange's minimum equity requirement. The company was able to rectify this issue, confirmed by Nasdaq, allowing it to maintain its listing on the exchange.
Recently, Pluri has also entered a proof of concept agreement with an undisclosed international agriculture corporation to enhance the global vegetable supply using its 3D cell expansion technology. On the management front, the company announced the resignation of CFO Chen Franco-Yehuda, with Liat Zalts stepping in as her successor.
In other developments, Pluri's subsidiary, Ever After Foods Ltd., has secured $10 million to bolster its cultivated food production technology.
Pluri continues to receive funding from the U.S. National Institute of Allergy and Infectious Diseases for its cell therapy PLX-R18 and has also obtained a U.S. patent for a novel method of expanding immune cells. Finally, the company has entered a manufacturing agreement with Remedy Cell Ltd. for a drug candidate aimed at treating Idiopathic Pulmonary Fibrosis.
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