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Klotho Neurosciences, Inc., a biotech firm specializing in biological products, is on the brink of being delisted from The Nasdaq Global Markets after failing to meet the exchange’s minimum market value requirements. The company’s stock has plummeted 96% over the past year to $0.38, with its market capitalization shrinking to just $8.51 million. According to InvestingPro data, the stock typically moves contrary to broader market trends, with a beta of -0.23. The company, which was previously known as ANEW Medical (TASE:BLWV), Inc. and Redwoods Acquisition Corp., was notified by Nasdaq on August 16, 2024, of its non-compliance with the minimum Market Value of Publicly Held Shares (MVPHS) and the minimum Market Value of Listed Securities (MVLS).
The company was given until February 12, 2025, to regain compliance with these standards. However, on February 14, 2025, Klotho Neurosciences received a Delisting Notice from Nasdaq’s Listing Qualifications Department, stating that the company had not achieved compliance within the 180-day grace period. Consequently, the company’s securities were scheduled for delisting. InvestingPro analysis reveals concerning fundamentals, with a weak financial health score of 1.27 and a current ratio of 0.16, indicating significant liquidity challenges.
In response, Klotho Neurosciences exercised its right to request a hearing to appeal the Delisting Determination on February 21, 2025. The appeal process has temporarily stayed the suspension of the company’s securities and the filing of the Form 25-NSE pending a decision by the Nasdaq Hearings Panel.
Klotho Neurosciences, headquartered in Omaha, Nebraska, is listed under the ticker symbols KLTO for its common stock and KLTOW for its warrants. The company’s future on the Nasdaq exchange now hinges on the outcome of the appeal hearing, the date of which has not been disclosed. This news is based on a recent SEC filing by the company. For deeper insights into Klotho’s financial health and market position, InvestingPro subscribers can access additional analysis tools and eight more exclusive ProTips about the company’s performance and outlook.
In other recent news, Klotho Neurosciences, Inc. has secured $2 million through a securities purchase agreement involving convertible promissory notes and warrants. The agreement with an institutional investor includes two senior convertible promissory notes totaling $2,173,914 and warrants for up to 4 million shares. Additionally, Klotho Neurosciences has entered into another financial agreement with Austria Capital LLC, securing a $1.2 million convertible promissory note. This note, set to mature in December 2025, carries a zero-interest rate and a 20% original issuance discount. As part of its governance efforts, Klotho Neurosciences announced the appointment of Riad El-Dada to its Board of Directors. El-Dada brings extensive experience from his previous roles in the pharmaceutical industry, including a significant tenure at Merck (NSE:PROR). These developments highlight Klotho Neurosciences’ ongoing efforts to raise capital and strengthen its leadership.
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