On October 28, 2022 Akari Therapeutics, Plc (Nasdaq: AKTX), a late-stage biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, reported that Akari received a letter from Nasdaq Listing Qualifications indicating that Akari is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share (Press release, Akari Therapeutics, OCT 28, 2022, View Source [SID1234622570]).

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The rules also provide Akari a compliance period of 180 calendar days to regain compliance. According to the letter, Akari has from October 24, 2022 until April 24, 2023 to regain compliance with the minimum bid price requirement. Akari can regain compliance, if at any time during this 180-day period, the closing bid price of its ADSs is at least $1.00 for a minimum of ten consecutive business days, in which case Akari will be provided with a written confirmation of compliance and this matter will be closed. In the event Akari does not regain compliance after the initial 180-day period, Akari may then be eligible for an additional time if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period.

If Akari cannot demonstrate compliance by the end of the second 180-day period, Nasdaq staff will notify Akari that its ADSs are subject to delisting.

The letter has no immediate effect on Akari’s Nasdaq listing or the trading of its ADSs, and during the grace period, as may be extended, Akari’s ADSs will continue to trade on the Nasdaq Capital Market under the symbol "AKTX".