Scinai files late 20-F notice over accounting for $29 million loan conversion

Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI) said on April 29, 2025 that it cannot file its annual report on Form 20-F for the year ended December 31, 2024 on time.

The company filed a Form 12b-25, a notice of late filing. Scinai was formerly named BiondVax Pharmaceuticals Ltd.

Scinai attributes the delay to complex accounting analysis and valuation work, and the related review procedures, resulting from the conversion of the outstanding $29 million European Investment Bank loan debt to preferred equity. The company announced that conversion on August 21, 2024. The filing says the conversion's impact on the financial statements required more extensive review, and that the work was also affected by unexpected personnel resource losses after year-end.

As a result, Scinai says it cannot finalize its financial statements and related disclosures before April 30th. It anticipates filing the annual report no later than May 15, 2025, which it describes as the fifteenth calendar day following the prescribed filing date.

The company answered no when asked whether it expects a significant change in results of operations.

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