Silexion adds bid-price deficiency to pending Nasdaq panel review

Silexion Therapeutics (Nasdaq: SLXN) received a letter from Nasdaq's Listing Qualifications staff on September 25, 2026. It said the company's ordinary shares had closed below the minimum $1.00 per share for the 30 consecutive business days before the letter, a breach of Listing Rule 5550(a)(2). A Nasdaq hearings panel will weigh that bid price deficiency when it decides whether the company can stay listed on the Nasdaq Capital Market. The letter has no immediate effect. The shares keep trading as SLXN, and the warrants as SLXNW.

Two deficiencies, one panel

The bid price problem lands on top of an earlier notice. On August 18, 2026, Silexion received a delisting notice for failing Rule 5550(b)(1), which requires at least $2,500,000 of shareholders' equity. Its quarterly report for the period ended June 30, 2026 showed shareholders' equity of $44,000. The company had believed it was back in compliance on a pro forma basis, but says its net losses since June 30 mean it does not currently meet the requirement.

Staff cannot grant more time on that deficiency alone. Following a panel decision dated September 23, 2025, Silexion is under a Mandatory Hearings Panel Monitor. Under Rule 5815(d)(4)(B), that bars staff from granting extra time for any deficiency that arises during the one-year monitoring period. If its appeal fails, trading in the shares and warrants would be suspended, and a Form 25-NSE would be filed to remove them from Nasdaq.

What the company told the panel

Silexion appeared before the panel on September 24, 2026. Its proxy material says it told the panel it expects the proposed reverse split to restore bid price compliance as soon as practicable after shareholders approve it. The panel is still considering the company's compliance plan.

That plan depends on shareholders. The proxy says Silexion's financing activities and Nasdaq compliance "are dependent on an ample supply of authorized share capital," which it says has been depleted over time by frequent financings and difficult market conditions. The same document says spending on the Phase 2/3 trials of SIL204 is expected to rise substantially as those trials advance.

The vote

A meeting set for October 19, 2026 was convened and then adjourned for one week without any business being conducted. It reconvenes on October 26, 2026, at the offices of Meitar Law Offices in Givatayim, Israel.

Shareholders are asked to approve two proposals. The first raises authorized share capital by 500,000,000 ordinary shares, from US$2,146,500 divided into 15,900,000 shares to US$69,646,500 divided into 515,900,000 shares, at a par value of US$0.135. The proxy says that increase would be reduced if the reverse split is approved. The second lets the board set a reverse split of between 1-for-15 and 1-for-25, with the ratio fixed before the meeting.

What it means for investors

Silexion has two problems to fix at once. It must raise shareholders' equity above $2.5 million and lift its share price above $1.00. Both steps depend on the vote. More authorized shares would let the company issue stock to rebuild equity, which is the history the proxy describes. A reverse split changes the share price but does not add equity.

The money

The 10-K reports a net loss of $11.9 million for 2025, with cash used in operations of $10.8 million and research and development expense of $7.1 million. Cash and cash equivalents were $2.2 million at June 30, 2026, according to the company's 10-Q. Those losses are large against the $44,000 of equity it reported at June 30.

What to watch

The reconvened meeting on October 26, 2026 is the next scheduled step. The 8-K gives no date for the hearings panel's decision. The company says the letter has no immediate effect on the listing of its shares or warrants.

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