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NeuroSense Therapeutics Ltd.: Nasdaq Compliance & Equity Growth Report

$NRSN
Form 6-K
Filed on: 2024-12-17
Source
NeuroSense Therapeutics Ltd.: Nasdaq Compliance & Equity Growth Report

Here are the key points extracted from the financial report of NeuroSense Therapeutics Ltd. (Form 6-K):

  1. Company Overview:
  • Name: NeuroSense Therapeutics Ltd.
  • Address: 11 HaMenofim Street, Building B, Herzliya 4672562, Israel.
  • Commission File Number: 001-41084.
  1. Compliance with Nasdaq Listing Rules:
  • On June 21, 2024, NeuroSense received a notice from Nasdaq indicating non-compliance with Listing Rule 5550(b) due to insufficient stockholders' equity (below the required $2.5 million).
  • A hearing was held on August 1, 2024, where the company presented a plan to regain compliance.
  • On August 25, 2024, Nasdaq granted an exception for continued listing until October 31, 2024, to demonstrate compliance.
  1. Recent Developments:
  • On November 11, 2024, Nasdaq granted another extension for continued listing, contingent upon the company filing a public disclosure by December 18, 2024, detailing its compliance efforts and equity status.
  1. Current Shareholders' Equity:
  • As of the date of this report, NeuroSense has approximately $3.0 million in stockholders' equity, which exceeds the $2.5 million requirement.
  1. Transactions Leading to Increased Equity:
  • Securities Purchase Agreement (December 2, 2024): NeuroSense completed a private placement that raised $5 million, increasing equity by approximately $4.93 million.
  • Waiver of Bonuses (December 2024): Company officers waived future bonuses, impacting equity positively by about $1.3 million.
  • Sales Agreement (August 16, 2024): Issued shares that generated $1.2 million, increasing equity by approximately $1.15 million.
  • Securities Purchase Agreement (August 6, 2024): Gross proceeds of $600,000 from the issuance of shares and warrants increased equity by about $585,000.
  1. Forward-Looking Statements:
  • The report contains forward-looking statements that are subject to risks and uncertainties, including the company's compliance with Nasdaq requirements and the development of its product candidates.
  1. Signature:
  • The report is signed by Alon Ben-Noon, Chief Executive Officer, dated December 17, 2024.

This summary highlights NeuroSense's efforts to maintain compliance with Nasdaq listing requirements, recent financial transactions that improved its equity position, and the potential risks they face moving forward.