Summary by Moomoo AI
On April 17, 2024, Allarity Therapeutics, Inc., a clinical-stage biopharmaceutical company, announced it had received an extension until May 14, 2024, to regain compliance with the Nasdaq Listing Rule 5550(b)(1), which requires a minimum stockholders' equity of $2,500,000. The extension follows the company's presentation of a strategic plan to the Nasdaq Hearings Panel on February 1, 2024, outlining immediate and long-term strategies to meet compliance requirements. Allarity has taken several steps towards this goal, including a 1-for-20 reverse stock split effective April 9, 2024, reducing monthly operational expenditures, and entering into negotiations to adjust financial structures and liabilities. The company is also raising new equity through its existing ATM facility. CEO Thomas H. Jensen expressed confidence in meeting the equity requirement by the target date and emphasized the company's commitment to developing its cancer treatment drug, stenoparib, and the DRP® companion diagnostic platform.