Selina Receives Delisting Notice from NASDAQ and Plans to Request Hearing

Company Intends to File Appeal and Implement 1:30 Reverse Stock Split

NEW YORK, April 22, 2024 (GLOBE NEWSWIRE) -- Selina Hospitality PLC ("Company"; NASDAQ: SLNA), a global lifestyle and experiential hospitality company catering to millennial and Gen Z travelers, today announced that on April 17, 2024, the Company received a staff determination letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company of the staff’s intention to commence the process to delist the Company’s securities because the Company’s securities have had a closing bid price below $0.10 for ten consecutive trading days, which triggers a notice of delisting pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stocks Rule”).

In addition to the Letter, as previously disclosed, the Company has been on notice since September 8, 2023, that the closing bid price of its securities had fallen below $1.00 for 30 consecutive business days in violation of Nasdaq Listing Rule 5810(c)(3)(A) (the “Minimum Bid Price Rule”) and since such date the Company has not regained compliance. On March 7, 2024, following the transfer of the Company’s securities to the Nasdaq Capital Market, the Company was granted an additional 180 calendar day period, or until September 3, 2024, to regain compliance with the Minimum Bid Price Rule. If the Company’s securities fail to regain compliance with the Minimum Bid Price Rule before such date, Nasdaq will have an additional basis for delisting the Company’s securities.

The Company currently plans to appeal the staff’s determination to a Hearings Panel (the “Panel”). A hearing request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision. This hearing has yet to be scheduled, but once the Company’s request for a hearing has been submitted to Nasdaq, the hearing is expected to be held within the next 45 days.

The Company intends to monitor the closing bid price of its common stock and may consider implementing available options to regain compliance with the Minimum Bid Price Rule for continued listing on the Nasdaq Capital Market, if needed. Achieving compliance likely would involve the implementation of the 1:30 reverse stock split that was approved by shareholders at the Company’s general shareholder meeting on March 26, 2024. The Company has issued today a Report on Form 6-K providing more detail on the delisting notice.