11:10 AM EDT, 05/06/2024 (MT Newswires) -- Scinai Immunotherapeutics ( SCNI ) said Monday its board has approved a 1-for-10 reverse split of its American depository shares to take effect possibly on May 21 in a bid to lift its share price above the $1 minimum needed to keep its listing on the Nasdaq Capital Market.

The biopharmaceutical company said it reached the end of a six-month probation period on April 29 without the price of its ADS topping the $1 minimum price for at least 10 days in a row, triggering a potential delisting action by the Nasdaq stock market.

Scinai said it has appealed the delisting determination and asked for a hearing with Nasdaq's qualifications panel, although it said the meeting would not be necessary if the upcoming reverse stock split succeeds in boosting its share price above $1.

Following the reverse split, each Scinai ADS will represent 4,000 ordinary shares, up from 400 ordinary shares currently, it said.

Price: 0.47, Change: +0.02, Percent Change: +3.84