SaverOne Announces Receipt of Nasdaq Minimum Bid Price Notification

Petah Tikvah, Israel, May 20, 2024 (GLOBE NEWSWIRE) --  SaverOne 2014 Ltd. (Nasdaq: SVRE, TASE: SVRE), a technology company engaged in disruptive transportation safety solutions, received a notice letter May 17, 2024 from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon the closing bid price of the Company’s American Depositary Shares (the “Shares”), for the last 31 consecutive business days, the Company is not currently in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2).

The notice has no immediate effect on the continued listing status of the Company’s Shares on The Nasdaq Capital Market, and, therefore, the Company’s listing remains fully effective.

The Company is provided a compliance period of 180 calendar days from the date of the Notice, or until November 13, 2024, to regain compliance with the Nasdaq Rule. If at any time before such date, the closing bid price of the Company’s Shares closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid requirement, and the matter would be resolved.

If the Company does not regain compliance with the requirement during the initial 180 calendar day period, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet 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 minimum bid requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

The Company will continue to actively monitor the closing bid price of its Shares and will seek to regain compliance with all applicable Nasdaq requirements within the allotted compliance periods. If the Company does not regain compliance within the allotted compliance periods, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Shares will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel.