aibioNasdaq withdraws Evaxion Biotech (now Evaxion A/S) delisting determination
Tickers EVAX
Evaxion says it restored stockholders' equity above the $2.5 million minimum and has cash runway into mid-2026. Nasdaq imposed a one-year monitor.
Key facts
- Company
- Evaxion A/S (NASDAQ: EVAX)
- News type
- Listings
- Primary source
- Evaxion A/S 6-K (2025-02-14)
Evaxion Biotech A/S (now Evaxion A/S) (NASDAQ: EVAX) said on February 14, 2025 that Nasdaq confirmed it has re-established compliance with the minimum stockholders' equity requirement. Nasdaq withdrew its determination to delist the company, which will remain listed.
On January 28, 2025, Evaxion was given until May 12, 2025 to evidence compliance with Nasdaq Listing Rule 5550(b)(1), which requires stockholders' equity of at least $2.5 million. Nasdaq also imposed a "Mandatory Panel Monitor" for one year from the compliance determination. If Evaxion fails to meet the equity requirement during that year, it would not get to submit a compliance plan. Nasdaq would instead issue a delist determination, which Evaxion could contest at a hearing.
Evaxion said it restored its equity through capital markets activity. It completed a $10.8 million public offering on January 31, 2025. Prefunded warrant exercises and sales of American Depositary Shares through its at-the-market facility added approximately $7.6 million. Together these provided a net total of approximately $17 million in cash and equity, extending its cash runway to mid-2026.
The company is also in talks with the European Investment Bank about converting €3.5 million of its €7 million loan into equity, expected in the first quarter of 2025, subject to certain conditions.