SaverOne Announces Receipt of Nasdaq Minimum Bid Price Notification
October 27 2023 - 3:05PM
SaverOne 2014 Ltd. (Nasdaq: SVRE, TASE: SVRE), a technology company
specializing in transportation safety solutions, announced today
that on October 24, 2023, the Company received a written notice
from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the
Company was not in compliance with Nasdaq Listing Rule 5550(a)(2),
as the Company’s closing bid price for its American Depositary
Shares was below $1.00 per share for the last 30 consecutive
business days.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has been granted a 180-calendar day compliance period,
or until April 22, 2024, to regain compliance with the minimum bid
price requirement. During the compliance period, the Company’s
American Depositary Shares will continue to be listed and traded on
the Nasdaq Stock Market. To regain compliance, the closing bid
price of the Company’s American Depositary Shares must meet or
exceed $1.00 per share for at least 10 consecutive business days
during the 180-calendar day compliance period.
If the Company is not in compliance by April 22,
2024, the Company may be afforded a second 180-calendar day
compliance period. To qualify for this additional time, the Company
will 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 price requirement and will need to provide written
notice of its intention to cure the deficiency during the second
compliance period. If the Company does not regain compliance within
the allotted compliance period(s), including any extensions that
may be granted by Nasdaq, Nasdaq will provide notice that the
Company’s American Depositary Shares will be subject to
delisting.
The Company intends to monitor the closing bid
price of its American Depositary Shares between now and April 22,
2024, and will consider available options to resolve the Company’s
noncompliance with the minimum bid price requirement as may be
necessary. There can be no assurance that the Company will be able
to regain compliance with the minimum bid price requirement or will
otherwise be in compliance with other Nasdaq listing criteria.
About SaverOne
SaverOne is a technology company engaged in the
design, development and commercialization of OEM and aftermarket
solutions and technologies, to lower the risk of, and prevent,
vehicle accidents.
SaverOne’s initial line of products is a suite
of solutions that saves lives by preventing car accidents resulting
from distraction from the use of mobile phones while driving.
SaverOne is also developing a sensor system for early location and
direction detection under all visibility conditions of vulnerable
road users (VRU) through their cellphone footprint.
Learn more at https://saver.one/
Forward Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act and other securities laws that are subject to
substantial risks and uncertainties. All statements, other than
statements of historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release include, but are not limited to, statements
regarding SaverOne's strategic and business plans, technology,
relationships, objectives and expectations for its business, the
impact of trends on and interest in its business, intellectual
property or product and its future results, operations and
financial performance and condition, and may be identified by the
use of words such as "anticipate," "believe," "contemplate,"
"could," "estimate," "expect," "intend," "seek," "may," "might,"
"plan," "potential," "predict," "project," "target," "aim,"
"should," "will" "would," or the negative of these words or other
similar expressions, although not all forward-looking statements
contain these words. Forward-looking statements are based on
SaverOne's current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict.
Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
Many factors could cause SaverOne's actual activities or results to
differ materially from the activities and results anticipated in
such forward-looking statements. Factors that could cause our
actual results to differ materially from those expressed or implied
in such forward-looking statements include, but are not limited to:
the ability of our technology to substantially improve the safety
of drivers; our planned level of revenues and capital expenditures
and our ability to continue as a going concern; the ability of our
technology to substantially improve the safety of drivers; our
ability to market and sell our products; our plans to continue to
invest in research and development to develop technology for both
existing and new products; our intention to advance our
technologies and commercialization efforts; our intention to use
local distributors in each country or region that we will conduct
business to distribute our products or technology; our plan to seek
patent, trademark and other intellectual property rights for our
products and technologies in the United States and internationally,
as well as our ability to maintain and protect the validity of our
currently held intellectual property rights; our expectations
regarding future changes in our cost of revenues and our operating
expenses; our expectations regarding our tax classifications;
interpretations of current laws and the passage of future laws;
acceptance of our business model by investors; the ability to
correctly identify and enter new markets; the impact of competition
and new technologies; general market, political and economic
conditions in the countries in which we operate; projected capital
expenditures and liquidity; our intention to retain key employees,
and our belief that we maintain good relations with all of our
employees; any resurgence of the COVID-19 pandemic and its impact
on our business and industry; and other risks and uncertainties,
including, but not limited to, the risks detailed in the Company's
Annual Report on Form 20-F filed with the U.S. Securities and
Exchange Commission (the "SEC") on April 27, 2023 and in subsequent
filings with the SEC. Forward-looking statements contained in this
announcement are made as of this date, and SaverOne undertakes no
duty to update such information except as required under applicable
law.
International Investor Relations Contact:
Ehud Helft +1 212 378 8040saverone@ekgir.com
Israeli Investors Contact:
Jonathan EilatJohn@theinvestor.co.il
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