Purple biotech receives extension to regain compliance with the nasdaq's minimum bid price rule

Rehovot, israel, july 25, 2024 (globe newswire) --  purple biotech ltd. ("purple biotech" or "the company") (nasdaq/tase: ppbt), a clinical-stage company developing first-in-class oncology therapies that overcome tumor immune evasion and drug resistance, today announced that on july 24, 2024, it received an extension of 180 calendar days from the listing qualifications department of the nasdaq stock market llc (“nasdaq”) to regain compliance with the nasdaq's minimum $1.00 bid price requirement set forth in nasdaq listing rule 5550(a)(2) for continued listing on the nasdaq capital market (the “bid price requirement”).  as a result of the extension, the company has until january 21, 2025, to regain compliance with the bid price requirement. to regain compliance, the closing bid price of the company's american depositary share (“adss”) must be at least $1.00 for at least 10 consecutive business days (with such compliance period extendable at the discretion of nasdaq) prior to january 21, 2025. nasdaq would then provide a written confirmation of compliance and the matter will be closed.
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