Benzinga | Nov 23, 2021 04:10PM EST

AgeX Therapeutics Receives Stock Exchange Deficiency Letter

AgeX Therapeutics , Inc. (NYSE:AGE), a biotechnology company developing therapeutics for human aging and regeneration, announced today that on November 17, 2021 it received a letter (the "Deficiency Letter") from the staff of the NYSE American (the "Exchange") indicating that AgeX does not meet certain of the Exchange's continued listing standards as set forth in Section 1003(a)(i) and (ii) of the Exchange Company Guide in that AgeX has stockholders equity of less than $2,000,000 and has incurred losses from continuing operations and/or net losses during its two most recent fiscal years, and that it has stockholders equity of less than $4,000,000 and has incurred losses from continuing operations and/or net losses during three out of four of its most recent fiscal years. Pursuant to Section 1009 of the Exchange Company Guide and as provided in the Deficiency Letter, AgeX may provide the Exchange staff with a plan (the "Plan") by December 17, 2021 advising the Exchange staff of action AgeX has taken and will take that would bring AgeX into compliance with the Exchange's continued listing standards by June 17, 2023. AgeX intends to submit a Plan by the December 17, 2021 deadline.

There is no assurance that the Exchange staff will accept the Plan. If the Exchange staff accepts the Plan, the Exchange staff will review AgeX's compliance with the Plan on a quarterly basis and if AgeX does not show progress consistent with the Plan or is not in compliance with the Exchange's continued listing standards by June 17, 2023, the Exchange will commence delisting procedures. If AgeX does not submit the Plan or if the Exchange staff does not accept the Plan, the Exchange staff will promptly initiate delisting proceedings.

AgeX intends to make arrangements to have its common stock quoted on an electronic interdealer quotation system if its common stock is delisted from the Exchange.