SaverOne Regains Compliance with Nasdaq Minimum Bid Price Requirement
13 Novembro 2024 - 10:40AM
SaverOne 2014 Ltd. (Nasdaq: SVRE, TASE: SVRE), a technology company
that develops and sells advanced transportation safety solutions
(he “Company”), today announced that on November 12, 2024, it
received notice from The Nasdaq Stock Market LLC (“Nasdaq”)
informing the Company that it has regained compliance with the
minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2)
(the “Rule”) for continued listing on the Nasdaq Capital Market.
On May 17, 2024, SaverOne received notice from
Nasdaq that the Company was not in compliance with the Rule, as its
American Depositary Shares (ADSs)failed to meet a closing bid price
of $1.00 or more for 30 consecutive business days. To regain
compliance with the Rule, the Company ADSs were required to
maintain a minimum closing bid price of $1.00 or more for at least
10 consecutive business days. On October 28, 2024, the Company
implemented a change in the ADS ratio from one (1) ADS representing
five (5) ordinary shares to one (1) ADS representing ninety (90)
ordinary shares.
Nasdaq Staff determined that for the 10
consecutive business days between October 28 and November 11, 2024,
the closing bid price of the Company’s ADSs has been at $1.00 per
share or greater. Accordingly, the Company has regained compliance
with the Rule, and this matter is now closed.
About the SaverOne System
SaverOne’s system is installed in vehicles to
solve the problem of driver distraction, as a result of drivers
using distracting applications on their mobile phones while driving
in a way that endangers their safety and the safety of their
passengers. This phenomenon is considered one of the leading causes
of global road accidents. According to the US National Highway
Traffic Safety Administration, the annual cost of road accidents
just in the United States stands at about $870 billion each year,
excluding the costs of serious injury or death, with a quarter of
those accidents estimated to be related to the use of the mobile
phones while driving. SaverOne’s technology specifically recognizes
the driver area in the vehicle. It prevents the driver from
accessing distracting applications such as messaging while allowing
others (navigation as an example) without user intervention or
consent, creating a safer driving environment.
SaverOne’s primary target markets include
commercial and private vehicle fleets interested in reducing
potential damages and significant costs, vehicle manufacturers
interested in integrating safety solutions into their vehicles, and
insurance and leasing companies. SaverOne initially addresses car
fleets with a focus on the Israeli, European, and US markets and
other markets worldwide. SaverOne believes that an increased focus
on monitoring and prevention of cellular distraction systems in
vehicles, driven by upcoming expected EU regulation, will likely
have a dramatic positive impact on the demand for its systems in
the future.
The Company’s strategy is to provide its
technology for installation to customers in the aftermarket and
address OEM vehicle manufacturers to install the Company’s
protection technologies during the vehicle manufacturing
process.
About SaverOne
SaverOne is a technology company that designs,
develops, and commercializes OEM and aftermarket solutions and
technologies to lower the risk of and prevent vehicle
accidents.
SaverOne’s initial product line is a suite of
solutions that saves lives by preventing car accidents resulting
from distraction from using mobile phones while driving. SaverOne
is also developing a sensor system for early location and direction
detection under all visibility conditions of vulnerable road users
(VRU) through their cellphone footprint.
Learn more at https://saver.one/
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act and other securities laws that are subject to
substantial risks and uncertainties. All statements, besides those
of historical fact, contained in this press release are
forward-looking. Forward-looking statements contained in this press
release include but are not limited to, statements regarding
SaverOne’s strategic and business plans, technology, relationships,
objectives, and expectations for its business, the impact of trends
on and interest in its business, intellectual property or product
and its future results, operations, and financial performance and
condition and may be identified by the use of words such as
“anticipate,” “believe,” “contemplate,” “could,” “estimate,”
“expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,”
“predict,” “project,” “target,” “aim,” “should,” “will” “would,” or
the negative of these words or other similar expressions. However,
not all forward-looking statements contain these words.
Forward-looking statements are based on SaverOne’s current
expectations and are subject to inherent uncertainties, risks, and
assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions about future
events that may not prove accurate. Many factors could cause
SaverOne’s actual activities or results to differ materially from
those anticipated in such forward-looking statements. Factors that
could cause our actual results to differ materially from those
expressed or implied in such forward-looking statements include,
but are not limited to: the ability of our technology to
substantially improve the safety of drivers; our planned level of
revenues and capital expenditures and our ability to continue as a
going concern; our ability to maintain our listing on the Nasdaq
Capital Market; the ability of our technology to substantially
improve the safety of drivers; our ability to market and sell our
products; our plans to continue to invest in research and
development to develop technology for both existing and new
products; our intention to advance our technologies and
commercialization efforts; our intention to use local distributors
in each country or region that we will conduct business to
distribute our products or technology; our plan to seek patent,
trademark and other intellectual property rights for our products
and technologies in the United States and internationally, as well
as our ability to maintain and protect the validity of our
currently held intellectual property rights; our expectations
regarding future changes in our cost of revenues and our operating
expenses; our expectations regarding our tax classifications;
interpretations of current laws and the passage of future laws;
acceptance of our business model by investors; the ability to
correctly identify and enter new markets; the impact of competition
and new technologies; general market, political and economic
conditions in the countries in which we operate; projected capital
expenditures and liquidity; our intention to retain key employees,
and our belief that we maintain good relations with all of our
employees; any resurgence of the COVID-19 pandemic and its impact
on our business and industry; and other risks and uncertainties,
including, but not limited to, the risks detailed in the Company’s
Annual Report on Form 20-F filed with the U.S. Securities and
Exchange Commission (the “SEC”) on March 25, 2024 and in
subsequent filings with the SEC. Forward-looking statements in this
announcement are made as of this date, and SaverOne undertakes no
duty to update such information except as required under applicable
law.
International Investor Relations Contact:Ehud
Helft+1 212 378 8040saverone@ekgir.com
Israeli Investors Contact:Jonathan
EilatJohn@theinvestor.co.il
SaverOne 2014 (NASDAQ:SVRE)
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