Avalon GloboCare received a notice from Nasdaq regarding the delay in releasing quarterly reports
The company will continue to work hard to complete the quarterly report and plans to submit the quarterly report as soon as possible to re-comply with listing rules
Source: Company's official website.
Freehold, New Jersey, May 24, 2024 (GLOBE NEWSWIRE) - Innovative cell technology, cell therapy, and precision diagnostic developer Avalon GloboCare Corp. ("Avalon" or the "Company") (NASDAQ: ALBT) announced today that it received a notice ("Notice") from The Nasdaq Stock Market LLC ("Nasdaq") on May 22, 2024, stating that the Company does not meet the continued listing requirement under Nasdaq Listing Rule 5250(c)(1) ("Listing Rule") as it has not filed its Form 10-Q quarterly report for the fiscal quarter ended March 31, 2024, with the U.S. Securities and Exchange Commission ("SEC").
The Notice does not immediately impact the listing or trading of the Company's common stock on the Nasdaq Capital Market. The Notice indicates that the Company has 60 calendar days from the date of the Notice until July 22, 2024, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company's plan for regaining compliance, Nasdaq may grant the Company up to an additional 180 calendar days from the deadline for the quarterly report, which is November 18, 2024, to submit the quarterly report to regain compliance.
The Company will continue its efforts to complete the quarterly report and plans to submit it as soon as possible to regain compliance with the Listing Rule. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires timely disclosure of receiving a deficiency notice.
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (NASDAQ: ALBT) is a commercial-stage company dedicated to developing and providing innovative, transformative, precision diagnostic, and clinical laboratory services. Avalon aims to lead in the field of diagnostic testing innovation, providing precise genetic-driven results using proprietary technologies. The Company also offers laboratory services, providing a wide range of diagnostic test combinations, including drug testing, toxicology, as well as various tests from general blood work to anatomical pathology and urine toxicology. For more information about Avalon GloboCare, please visit www.avalon-globocare.com