Raytheon awarded $71 million in Navy contracts for missile systems
Qualigen Therapeutics, Inc. (NASDAQ:QLGN), a micro-cap biotechnology company with a market capitalization of $2.56 million, announced the appointment of Robert B. Lim as Chair of its Audit Committee, effective immediately, according to a press release statement based on a recent SEC filing. Mr. Lim, who is an independent director of the company, replaces Graydon Bensler. Mr. Bensler will continue to serve as a member of both the Board and the Audit Committee.
The company’s Board of Directors determined that Mr. Lim qualifies as an independent director under Rule 5605 of the Nasdaq Listing Rules and Rule 10A-3 of the Securities Exchange Act of 1934. The Board also recognized Mr. Lim as an “audit committee financial expert” under Item 407(d)(5) of Regulation S-K.
There are no arrangements or understandings between Mr. Lim and any other persons regarding his selection as Chair of the Audit Committee. Additionally, Mr. Lim has no direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K. InvestingPro analysis reveals several challenges facing the company, including weak gross profit margins and a significant stock price decline of 62.59% over the past year. Subscribers can access 5 additional key ProTips about Qualigen’s financial outlook.
Mr. Lim is a lawyer based in Vancouver, British Columbia, focusing on corporate commercial law and litigation. He co-founded De Novo Law Corporation in March 2023 after previously operating his own law practice. Before his legal career, Mr. Lim worked in marketing roles, including as a coordinator for NEXT Environmental and as an operator of a digital marketing agency. He has also served as an independent director on the board of Aerwins Technologies Inc. from July 2023 to July 2024. The company’s next earnings report is expected on August 14, 2025, which will be crucial given its current financial health score of 1.84, rated as ’FAIR’ by InvestingPro.
This information was disclosed in a press release statement and detailed in a Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Qualigen Therapeutics has disclosed a deficiency notification from Nasdaq due to a delay in filing its Quarterly Report for the period ended March 31, 2025. This delay could lead to the potential delisting of the company’s securities from the Nasdaq Stock Market, as it violates Nasdaq Listing Rule 5250(c)(1). The Nasdaq Hearings Panel will review this issue during a scheduled hearing, where Qualigen Therapeutics plans to present its strategy for regaining compliance. Meanwhile, Qualigen Therapeutics has also announced its intention to acquire Marizyme, Inc., a life science company specializing in medical devices and diagnostics. This acquisition is part of a non-binding Memorandum of Understanding, building on a co-marketing agreement established in 2024. The acquisition aims to leverage Marizyme’s FDA-cleared technology, DuraGraft, which is used in Coronary Artery Bypass Graft surgeries. The final terms of the deal will depend on shareholder approval and the completion of due diligence. Investors are closely monitoring these developments as they could significantly impact Qualigen Therapeutics’ future operations and market presence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.