Xenetic Biosciences, Inc. (NASDAQ:XBIO) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As a result of Xenetic Biosciences, Inc.\’s (the "Company") previously announced one-for-twelve reverse stock split of its issued and outstanding common stock (the “Reverse Stock Split”), the number of outstanding shares of the Company\’s common stock held by non-affiliates is currently approximately 475,000.
On June 28, 2019, the Company received a notice from the Nasdaq Capital Market ("NASDAQ") advising that the Company no longer meets the requirements for continued listing under NASDAQ Listing Rule 5550(a)(4) due to the Company\’s failure to meet the minimum 500,000 publicly held shares requirement for continued listing. The Company has until August 12, 2019 to provide NASDAQ with a specific plan to achieve and sustain compliance with the listing requirement. Upon completion of (i) the Company\’s underwritten public offering of common stock to the Company’s Registration on Form S-1 (File No: 333-231508) and (ii) the Company\’s previously announced acquisition of Hesperix SA, both expected to close in July 2019, the Company expects to have in excess of the 500,000 publicly held shares minimum and as such will regain compliance with the NASDAQ requirement.
About Xenetic Biosciences, Inc. (NASDAQ:XBIO)
Xenetic Biosciences, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the research and development of certain pharmaceutical products for use in humans that includes the use of the Company’s platform technologies that enables the creation of drug therapies primarily for orphan indications. The Company’s technologies include PolyXen, Virexxa, OncoHist and ImuXen. The Company is focused primarily on developing its lead product candidates, including ErepoXen, Virexxa and OncoHist, and PolyXen technology. The Company’s lead product candidate ErepoXen, a polysialylated form of erythropoietin (EPO) for the treatment of anemia in pre-dialysis patients with chronic kidney disease, and Food and Drug Administration (FDA) orphan designated oncology therapeutics Virexxa and OncoHist for the treatment of progesterone receptor negative endometrial cancer and refractory Acute Myeloid Leukemia, respectively. It is also developing PSA-FVIII.
