AgeX receives deficiency letter from the Exchange.
AgeX Therapeutics Inc. has announced that it has received a regulatory Deficiency Letter from the staff of the NYSE American (the “Exchange”) indicating that AgeX does not meet the listing standards of having at least $2,000,000 in stockholders equity and has incurred losses from continuing operations and/or net losses during its two most recent fiscal years.
Longevity.Technology: AgeX has racked-up positive announcements over recent months such as securing a patent for a method of generating induced pluripotent stem cells, and as covered previously by Longevity.Technology, starting work on pluripotent stem cell lines with its immunotolerance UniverCyte technology – taking them a step closer to the the goal of universal allogenic cells.
But the lack hitting significant revenue or striking lucrative commercial licensing deals is taking its toll. Investor sentiment for Longevity stocks is challenging, as Aubrey de Grey told us: “I think that founders, original early stage investors and boards of directors of start-up companies in this space, need to be really cautious about floating on the stock market.”
As a result of the notification, AgeX intends to provide the Exchange with a plan by July 1, 2020 advising on the actions it has taken, and will take, that would bring AgeX into compliance with the Exchange’s continued listing standards by December 1, 2021. If the Exchange staff does not accept AgeX’s plan, the Exchange staff will commence delisting proceedings.
On March 30, 2020, AgeX entered into a Secured Convertible Facility Agreement with Juvenescence Limited which enables AgeX to borrow funds from time to time. On April 1, 2020 AgeX drew-down an initial $500,000.
We wish CEO Mike West and his team the very best in their endeavours of these coming months.