( MENAFN - GlobeNewsWire - Nasdaq) WARREN, N.J., Oct.
29, 2024 (GLOBE NEWSWIRE) -- Tevogen Bio (“Tevogen” or“Tevogen Bio Holdings Inc.”) (Nasdaq: TVGN ), a clinical-stage specialty immunotherapy biotech developing off-the-shelf, genetically unmodified T cell therapeutics to treat infectious disease and cancers, announced today that on October 28, 2024, it received written notice from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company has regained compliance with the minimum bid price requirement (the“Minimum Bid Price Requirement”), as set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Global Market. Tevogen was notified by Nasdaq on June 14, 2024, that it was not in compliance with the Minimum Bid Price Requirement because its common stock had failed to maintain a minimum bid price of $1.
00 for 30 consecutive business days. In order to regain compliance with the Minimum Bid Price Requirement, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days, which was achieved during the period between October 14, 2024, to October 25, 2024.
The Company's closing price was $3.05 on October 25, 2024. Tevogen did not effect a reverse stock split of its common stock.
“Founders must navigate the need for capital to fuel growth with a vigilant eye on avoiding equity dilution. Since inception, Tevogen Bio's financing strategy has c.
