JERUSALEM , Aug. 29, 2024 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI ) ("Scinai", or the "Company"), a biopharmaceutical company focused on developing inflammation and immunology (I&I) biological products and on providing CDMO services through its Scinai Bioservices business unit, today announced that on August 27, 2024 , it received formal notification (the "Notification") from the Listing Qualification Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") that the Company has regained compliance with Nasdaq Listing Rule 5550(b)(1) (the "Rule") that requires listed companies to maintain stockholders' equity of at least $2.
5 million . On August 21, 2024 , the Company announced the closing of the Loan Restructuring Agreement with European Investment Bank converting approximately $29 million of debt to preferred equity and leaving a debt balance of €250,000 (approximately $273,000 ), as a result of which the Company has stockholders' equity in excess of $2.5 million .
The Company is now back in full compliance with all Nasdaq listing requirements. Amir Reichman , the Company's CEO, stated: "After quite a bit of heavy lifting we have cleaned up our balance sheet through the conversion of almost $29 million of debt into equity and regained full compliance with the Nasdaq listing requirements. This clears the path for us to focus on our promising R&D programs and our new CDMO business unit to build shareholder value.
Our thanks to all who participated .