EDINBURGH, Scotland, Aug. 15,
2024 /PRNewswire/ -- TC BioPharm (Holdings) PLC ("TC
BioPharm" or the "Company") (NASDAQ: TCBP) a clinical stage
biotechnology company developing platform allogeneic gamma-delta T
cell therapies for cancer and other indications, today announced
that the Company has regained compliance with the Nasdaq Stock
Market Listing Rule 5550(b) which will maintain the listing of
the Company's American depositary shares on the Nasdaq Global
Select Market.
On May 24, 2024, the Company
received written notification from the listing qualifications staff
of the Nasdaq Stock Market, LLC ("Nasdaq") indicating that the
Company was not in compliance with the Minimum Stockholders' Equity
Requirement, as of March 31, 2024.
This letter indicated that while Nasdaq estimates the Company is
currently in compliance with the Minimum Stockholders' Equity
Requirement it notes that based on the historical burn rate,
without a significant transaction, the Company will not be in
compliance as of the next period ending June
30, 2024.
On August 1, 2024, the Company
received written notification from Nasdaq that the hearing panel
granted the Company's request to continue its listing on Nasdaq
subject to compliance with the Minimum Stockholders' Equity
Requirement on or before August 15,
2024. The Company believes that due to the closing of the
transactions contemplated by the Purchase Agreement it is now in
compliance with the Minimum Stockholders' Equity Requirement.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this Current Report on Form 8-K
that do not relate to matters of historical fact should be
considered forward-looking statements, including without limitation
statements regarding the Company's intent or ability to affect any
budget savings or execute on any M&A or capital raising
strategy. These statements are based on management's current
assumptions and are neither promises nor guarantees, but involve
known and unknown risks, uncertainties and other important factors
that may cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. For other important factors that could
cause actual results to differ materially from the forward-looking
statements in this Current Report on Form 8-K, please see the risks
and uncertainties identified under the heading "Risk Factors" in
our Annual Report on Form 10-K for the year ended December 31, 2023, and our other reports filed
with the SEC, all of which is available on the Company's Investor
Relations website at www.tcbiopharm.com and on the SEC website at
www.sec.gov. All forward-looking statements reflect the Company's
beliefs and assumptions only as of the date of this Current Report
on Form 8-K. The Company undertakes no obligation to update
forward-looking statements to reflect future events or
circumstances.
About TC BioPharm (Holdings) PLC
TC BioPharm is a clinical-stage biopharmaceutical company
focused on the discovery, development and commercialization of
gamma-delta T cell therapies for the treatment of cancer with human
efficacy data in acute myeloid leukemia. Gamma-delta T cells are
naturally occurring immune cells that embody properties of both the
innate and adaptive immune systems and can intrinsically
differentiate between healthy and diseased tissue.
TC BioPharm is the leader in developing gamma-delta T cell
therapies, and the first company to conduct phase II/pivotal
clinical studies in oncology. The Company is conducting two
investigator-initiated clinical trials for its unmodified
gamma-delta T cell product line - Phase 2b/3 pivotal trial in treatment of acute myeloid
leukemia using the Company's proprietary allogeneic CryoTC
technology to provide frozen product to clinics worldwide.
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SOURCE TC BioPharm