Hepion Pharmaceuticals, Inc. Granted 180-day Extension by Nasdaq to Meet the Minimum Bid Price Requirements

On December 5, 2022 Hepion Pharmaceuticals, Inc. (Nasdaq:HEPA), a clinical stage biopharmaceutical company focused on Artificial Intelligence ("AI")-driven therapeutic drug development for the treatment of fibrotic diseases, including non-alcoholic steatohepatitis ("NASH"), hepatocellular carcinoma ("HCC"), and other chronic diseases, reported that is has received written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") granting the Company’s request for a 180-day extension to regain compliance under the Nasdaq Listing Rule 5550(a)(2) (Press release, Hepion Pharmaceuticals, DEC 5, 2022, View Source [SID1234624785]). The Company now has until May 30, 2023, to meet the requirement.

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Nasdaq’s extension notice has no immediate effect on the continued listing status of the Company’s common stock on The Nasdaq Capital Market LLC under the trading symbol, "HEPA." If at any time during the additional 180-day extension, the bid price of the Company’s common stock closes at, or above, $1.00 per share for a minimum of ten (10) consecutive business days, the Nasdaq Listing staff will provide the Company with written confirmation of compliance and the matter will be closed.

The Company was first notified by Nasdaq of its failure to maintain a minimum bid price of $1.00 per share under Rule 5550(a)(2) on June 3, 2022, and was given until November 30, 2022, to regain compliance. The Company will continue to monitor its bid price of its common stock.

If the Company does not meet the minimum bid requirement during the additional 180-day extension, Nasdaq will provide written notification to the Company that it’s common stock will be subjected to delisting. At such time, the Company may appeal the delisting determination to the Nasdaq Hearings Panel ("the Panel"). There can be no assurance that if the Company does appeal a subsequent delisting determination, that such appeal would be successful.