Allarity Therapeutics receives Nasdaq-approved extension to regain compliance

• Allarity Therapeutics (NASDAQ: ALLR) announced that it had been granted an extension until May 14, 2024, to regain compliance with Nasdaq.
• Allarity Therapeutics presented a strategic plan to the Nasdaq Hearings Panel, detailing both immediate and long-term strategies aimed at regaining compliance with the requirements outlined in Nasdaq Listing Rules.
• These efforts include ongoing cost reduction initiatives, reducing monthly operational expenditures from over $1 million to $400,000.
• In addition, the company entered into negotiations with key stakeholders, to adjust the terms and conditions to make future capital raising more amenable, as well as negotiations to reduce other major liabilities.
• Finally, the company has already started raising new equity by utilizing its existing ATM and expects to take further action so Allarity can meet the $2.5M equity requirement on the May 14, 2024 target date.
• Source: Press Release

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