08:19 AM EDT, 06/07/2024 (MT Newswires) -- Scinai Immunotherapeutics ( SCNI ) said Friday it has regained compliance with the Nasdaq Stock Market's minimum bid price requirement of $1.00 per American depositary share.

The company was flagged in early May for going below the requirement, Scinai said, adding that it responded with a plan to regain compliance by increasing the number of ordinary shares represented by each ADS from 400 to 4,000 starting May 21.

Nasdaq notified Scinai Wednesday it had regained compliance with the minimum bid price rule, but a hearing is set for June 18 on other issues pertaining to non-compliance for its listing, including its equity requirement.

Shares of Scinai gained nearly 16% in recent Friday premarket activity.

Price: 4.6500, Change: +0.64, Percent Change: +15.96