RegulatoryMay 7, 2026, 08:13 AM
XTL Biopharmaceuticals Granted Nasdaq Listing Exception, Conditional on Psyga Acquisition
AI Summary
XTL Biopharmaceuticals Ltd. announced that Nasdaq granted its request to continue listing on The Nasdaq Stock Market, subject to certain conditions. The company must complete the acquisition of Psyga Bio Ltd. and demonstrate compliance with all continued listing requirements by June 30, 2026. This decision follows a previous notification from Nasdaq that XTLB was considered a "public shell" and a subsequent hearing. The company has secured a commitment for an investment of up to $1,500,000 to facilitate the Psyga transaction, though completion remains subject to shareholder approval and other conditions.
Key Highlights
- Nasdaq granted XTL Biopharmaceuticals an exception for continued listing on the Exchange.
- The exception is conditional on completing the Psyga Bio Ltd. acquisition by June 30, 2026.
- XTLB must also demonstrate compliance with all Nasdaq continued listing requirements by the deadline.
- Nasdaq previously notified XTLB of its belief that the company was a "public shell" under Rule 5101.
- XTLB secured a commitment for an investment of up to $1,500,000 for the Psyga transaction.
- The company's securities have maintained a closing bid price over $1 since the March 25, 2026 reverse stock split.
- Completion of the Psyga transaction is subject to shareholder approval and other closing conditions.
Price Impact
More from XTLB