On March 16, 2023 TC BioPharm (Holdings) PLC ("TC BioPharm" or the "Company") (NASDAQ: TCBP) a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer, reported that the Company has been granted a formal extension to regain compliance under Nasdaq Listing Rule 5550(b)(2) or its alternative criteria (Press release, TC Biopharm, MAR 16, 2023, View Source [SID1234628955]). The Company is obligated to meet certain milestones, but has until June 30, 2023 to meet the requirement.

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The extension was granted following TC BioPharm’s presentation of a formal plan to the Nasdaq Hearings Panel on Thursday, March 9, 2023. As part of the extension, the Company is obligated to meet certain interim milestone requirements. Nasdaq Listing Rule 5550(b)(2) (the "MVLS Requirement") states that a company must possess the minimum Market Value of $35,000,000 required for continued listing on The Nasdaq Capital Market or the alternative criteria of $2,500,000 in shareholders’ equity or $500,000 in net income from continued operations. The Company is working to implement a plan to demonstrate compliance.

Nasdaq’s extension notice has no immediate effect on the listing or trading of TC BioPharm’s Common Stock, which will continue to trade on the Nasdaq Capital Market under the symbol "TCBP".