Qualigen Therapeutics granted Nasdaq listing extension

CARLSBAD, Calif. - Qualigen Therapeutics, Inc. (NASDAQ:QLGN) has received an extension to remain listed on The Nasdaq Capital Market, the company announced today. The Nasdaq Hearings Panel provided the biotechnology firm until November 19, 2024, to comply with all applicable listing criteria.

The notice, dated September 11, 2024, sets forth conditions the company must meet to maintain its listing on the exchange. Qualigen is actively working to meet these requirements, which include adherence to the Minimum Bid Price Requirement and the Minimum Stockholders' Equity Requirement, among others.

Qualigen's management is focused on regaining compliance within the given timeframe and has expressed its commitment to fulfilling the Panel's conditions. The company's ability to meet Nasdaq's continued listing standards is crucial to its future operations and investor relations.

This announcement follows concerns over the company's compliance with Nasdaq's listing rules. Failure to meet the conditions could result in the potential de-listing of Qualigen's shares from the exchange.

Investors are advised to consider the risks associated with the company's efforts to regain compliance, including the possibility of not meeting the Nasdaq's requirements by the specified deadline. These risks are detailed in the company's regulatory filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

The information in this article is based on a press release statement from Qualigen Therapeutics, Inc. The company has disclaimed any intent or obligation to update these forward-looking statements beyond the date of the news release, except as required by law. The statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

In other recent news, Qualigen Therapeutics has made significant financial developments. The biotechnology company has priced its public offering at $0.13 per share, expecting to raise approximately $3.46 million before agent fees and other expenses. The offering includes common stock shares and pre-funded warrants, with Univest Securities, LLC serving as the sole placement agent. Qualigen also issued a $1.25 million loan to Marizyme, structured as a demand promissory note with an 18% annual interest rate. Additionally, Qualigen secured a $2 million cash infusion through a non-convertible senior note bearing an 18% annual interest rate, set to mature in July 2025.

Simultaneous to these financial transactions, Qualigen saw significant changes in its board, with the resignation of four members and the appointment of three new ones. The company also appointed WithumSmith+Brown, PC as its new independent registered public accounting firm, following the dismissal of Baker Tilly US, LLP. Furthermore, the holder of Qualigen's 8% Senior Convertible Debenture fully converted the original principal balance of $3.3 million into the company's common stock. These are the recent developments concerning Qualigen Therapeutics.

InvestingPro Insights

As Qualigen Therapeutics, Inc. (NASDAQ:QLGN) strives to meet Nasdaq's listing criteria, investors are keeping a close eye on the company's financial health and stock performance. According to InvestingPro data, Qualigen currently holds a market capitalization of $4.8 million, reflecting its standing in the biotech industry. The company's stock price has shown considerable volatility, with a one-month price total return of -15.89%, and a more stark six-month total return of -51.75%. Year-to-date, the company's stock price has plummeted by -68.35%, highlighting the challenges it faces.

InvestingPro Tips indicate that Qualigen suffers from weak gross profit margins and that its short-term obligations exceed its liquid assets, which could be points of concern for the company as it works towards meeting Nasdaq's requirements. Additionally, the stock has not only fared poorly over the last month but also over the longer term, with a significant price drop of -82.41% over the past year. Analysts do not expect the company to turn a profit this year, and it should be noted that Qualigen does not pay a dividend to shareholders.

Despite these challenges, Qualigen's management remains committed to regaining compliance with Nasdaq's listing standards. With the next earnings date scheduled for November 14, 2024, investors will be keenly watching for signs of improvement. For those looking for a deeper dive into Qualigen's financials and stock performance, InvestingPro offers additional tips and metrics, providing a comprehensive tool for informed investment decisions.

For more detailed analysis and further InvestingPro Tips on Qualigen Therapeutics, investors can visit https://www.investing.com/pro/QLGN, where additional insights are available to help navigate the complexities of this biotech company's financial landscape.

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