Qualigen regains Nasdaq compliance with $4.5 million private placement

CARLSBAD, Calif. - Qualigen Therapeutics, Inc. (NASDAQ:QLGN), a clinical-stage biotechnology company with a current market capitalization of $4.42 million, has regained compliance with Nasdaq’s minimum stockholders’ equity requirement through a $4.5 million private placement of Series A-3 Preferred Stock, the company announced Monday. According to InvestingPro data, the stock has declined over 33% year-to-date, reflecting ongoing challenges.

The company had received notice from Nasdaq on July 23 that it failed to meet the $2.5 million stockholders’ equity requirement under Nasdaq Rule 5550(b)(1), as reflected in its quarterly report for the period ended March 31, 2025.

In a separate communication on June 24, Nasdaq’s Office of General Counsel had accepted Qualigen’s request for an extension on three compliance items. The company has now fulfilled these requirements by filing its delayed quarterly report by the July 21 deadline, raising sufficient capital to meet the equity requirement by July 28, and submitting a plan to maintain compliance with listing standards over the next 12 months.

Qualigen intends to file a Current Report on Form 8-K with the Securities and Exchange Commission that will include a pro forma balance sheet demonstrating compliance with stockholders’ equity requirements.

The biotechnology firm, which focuses on developing treatments for cancer and infectious diseases, stated it is "making every effort" to maintain its Nasdaq listing but noted there is no guarantee it will be able to maintain compliance with continued listing requirements.

Qualigen’s announcement was based on a company press release statement.

In other recent news, Qualigen Therapeutics announced it has secured patents for its cancer drug QN-302 across 25 countries, including Europe, India, China, and Russia. These patents, titled "Substituted Naphthalene Diimides and Their Use," protect the product and its manufacturing methods, with coverage extending into 2040. Additionally, Qualigen Therapeutics has appointed Robert B. Lim as the new Chair of its Audit Committee. Mr. Lim, recognized as an “audit committee financial expert,” replaces Graydon Bensler, who will remain a member of the Board and the Audit Committee. However, the company is facing a potential Nasdaq delisting due to a failure to timely file its Quarterly Report for the period ended March 31, 2025. This delay is considered a violation of Nasdaq Listing Rule 5250(c)(1), and a hearing is scheduled where Qualigen will present its compliance plan.

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