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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On October 18, 2024, Qualigen Therapeutics, Inc. (the “Company”) received a written notice (the “Notice”) from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of Matt Korenberg’s resignation from the Board of Directors of the Company (“Board”) and the audit committee of the Board (the “Audit Committee”), effective October 3, 2024, the Company is not currently in compliance with Nasdaq Listing Rule 5605, which requires that the Audit Committee is comprised of at least three independent directors.
The Audit Committee currently is comprised of Robert Lim and Cody Price. In accordance with Nasdaq Listing Rule 5605(b)(1)(A), the Company has a “cure period” of until the earlier of the Company’s next annual shareholders’ meeting or October 5, 2025, or if the next annual shareholders’ meeting is held before April 1, 2025, then the Company must evidence compliance no later than April 1, 2025. The Company intends to elect one independent director to serve as a member of the Audit Committee during this cure period.
The Notice has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Capital Market.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| QUALIGEN THERAPEUTICS, INC. | ||
| Date: October 22, 2024 | By: | /s/ Kevin Richardson II |
| Kevin Richardson II, Interim Chief Executive Officer | ||