ZURICH, SWITZERLAND / ACCESSWIRE / October 25, 2023 / NLS Pharmaceutics Ltd. (Nasdaq:NLSP,NLSPW) ("NLS" or the "Company"), a Swiss clinical-stage biopharmaceutical company focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system disorders, today announced that it has received a written notice (the "Notice") from Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2), which requires listed companies to maintain a minimum bid price of $1.00 per share. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a period of 180 calendar days to regain compliance with the minimum bid price requirement. The Notice has no immediate effect on the Company's Nasdaq listing or the trading of its common shares or warrants, and during the grace period, as may be extended, NLS' common shares and warrants will continue to trade on the Nasdaq Capital Market under the symbols "NLSP" and "NLSPW", respectively.

According to the Notice, the Company has until April 16, 2024 to regain compliance with the minimum bid price requirement. The Company can regain compliance if at any time during this 180 day period the closing bid price of its common shares is at least $1.00 for a minimum of ten consecutive business days, in which case the Company will be provided with written confirmation of compliance and this matter will be closed. In the event that NLS does not regain compliance after the initial 180 day period, the Company may then be eligible for an additional 180 day compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement. In this case, NLS will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by implementing a reverse stock split, if necessary.

If the Company cannot demonstrate compliance by the alloted compliance period(s), Nasdaq's staff will notify the Company that its common shares and warrants are subject to delisting.

About NLS Pharmaceutics Ltd.

NLS Pharmaceutics Ltd. (Nasdaq:NLSP) is a global development-stage biopharmaceutical company, working with a network of world-class partners and internationally recognized scientists, focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system disorders who have unmet medical needs. Headquartered in Switzerland and founded in 2015, NLS is led by an experienced management team with a track record of developing and commercializing product candidates. For more information, please visit www.nlspharma.com.