Alzamend Neuro (ALZN) Regains Nasdaq Compliance

Alzamend Neuro, Inc. (Nasdaq: ALZN) today announced that it has received a notification letter (the “Compliance Notice”) from the Listing Qualifications Staff of the Nasdaq Stock Market, LLC (“Nasdaq”) dated July 30, 2024, informing Alzamend that it has regained compliance with Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). In order to regain compliance with the Minimum Bid Price Requirement, Alzamend’s common stock was required to maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days. The Minimum Bid Price Requirement was met on July 29, 2024. Accordingly, in the Compliance Notice, Nasdaq stated that the matter is now closed.

The Compliance Notice is unrelated to the previously disclosed notice received by Alzamend from Nasdaq on September 26, 2023 regarding the minimum Market Value of Listed Securities (“MVLS”) for Alzamend’s common stock being below the $35 million minimum MVLS requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2) (the “MVLS Rule”). On March 26, 2024, Alzamend was notified by Nasdaq that it had not regained compliance with the MVLS Rule. As a result, Nasdaq determined to delist Alzamend’s common stock. Alzamend appealed the determination to a Hearings Panel (the “Panel”). As previously disclosed, the Panel granted Alzamend’s request to continue its listing on Nasdaq, subject to Alzamend demonstrating compliance, on or before September 23, 2024, with Nasdaq Listing Rule 5550(b)(1), which requires stockholder equity of at least $2.5 million (or an alternative listing standard), and satisfying all applicable requirements for continued listing on Nasdaq.

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