Cleveland BioLabs Announces Receipt of Letter From Nasdaq Confirming Compliance With Minimum Stockholders' Equity Requirement
Jul 16 15
Cleveland BioLabs, Inc. announced that on July 15, 2015, the Company received a letter from The Nasdaq Stock Market LLC stating that the Company has regained compliance with Listing Rule 5550(b)(1), which requires maintenance of a minimum of $2.5 million stockholders' equity in order to remain listed on The Nasdaq Capital Market.
Cleveland BioLabs, Inc. Provides Update on NASDAQ Compliance
Jul 13 15
As previously reported, on March 10, 2015, Cleveland BioLabs, Inc. received a deficiency letter from The NASDAQ Stock Market LLC (NASDAQ) indicating that, as of December 31, 2014, the company’s reported stockholders’ equity did not meet the $2,500,000 minimum required to maintain continued listing, as set forth in NASDAQ Listing Rule 5550(b)(1). In accordance with the NASDAQ Listing Rules, the company filed a plan to regain compliance with the Stockholders’ Equity Requirement, and on May 7, 2015 the company received a letter from NASDAQ indicating that it had accepted the company’s plan and granted the company until July 15, 2015 to evidence its compliance. As previously disclosed in the company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 10, 2015, the company closed its previously announced private placement transaction with David Davidovich, a venture capital investor, for an aggregate purchase price of approximately $25 million. As a result of the closing of the Private Placement, the company has more than $2,500,000 in stockholders’ equity and therefore believes that it has sufficient stockholders’ equity to demonstrate that it has regained compliance with the Stockholders’ Equity Requirement as of the date of this filing. The company has advised NASDAQ of the closing of the financing and expects NASDAQ to issue its final compliance determination upon the filing of this Form 8-K. NASDAQ will continue to monitor the company’s ongoing compliance with the Stockholders’ Equity Requirement and, if at the time of its next periodic report the company does not evidence compliance, it may be subject to delisting.
Cleveland BioLabs, Inc. Announces Board Appointments
Jul 10 15
Cleveland BioLabs, Inc. appointed Mses. Anna Evdokimova, Natalia Khudyk, Yulia Lebedina, Tatiana Levina, Natalia Saraeva, and Mssrs. Konstantin Gorshkov and Ivan Persiyanov to the company's Board of Directors. These directors were appointed in connection with a private sale of securities to David Davidovich in July 2015. Ms. Evdokimova has served as Venture Capital Investment Director of Millhouse LLC, an asset management company, since May 2015 and served as the Deputy Head of Corporate Finance from 2006 to May 2015. She also currently serves on the board of directors of JSC Registrator "R.O.S.T.", "Russia Forest Product", "MKM-Logistics", and "Anyclip Ltd". Mr. Gorshkov has served as Senior Manager of the Investment Projects Support Division at Millhouse LLC, an asset management company, since 2008. Prior to joining Millhouse, he was a lawyer with Global Wealth Management Center Limited from 2006 to 2008. Ms. Khudyk has served as the Head of Planning, Finance and Accounts at Millhouse LLC, an asset management company, since 2006. From 2002 to 2006, Ms. Khudyk worked at Millhouse Capital UK Ltd. as the UK Head of Finance and Accounts. Ms. Lebedina has served as the Head of the Corporate Department at Millhouse, LLC, an asset management company, since 2008 and served as the Head of Legal project support from 2006 to 2008, where she provided corporate governance and legal support for several key transactions. Ms. Lebedina also currently serves on the board of directors of JSC Registrator "R.O.S.T.", Zoltav Resources Inc. and AO "Seaport Pevek". Prior to joining Millhouse, she was Senior Corporate Counsel at major Russian oil company Sibneft. Ms. Levina has served as the Head of Financial Analysis and Reporting of Millhouse LLC, an asset management company, since 2008, where she supported several key transactions. From 2001 to 2006, she was an accountant specializing in International Financial Reporting Standards at TNK-BP Management OJSC. Mr. Persiyanov has served as Investment Director of Millhouse LLC, an asset management company, since 2014.Mr. Persiyanov also currently serves on the board of directors of Propell Technologies Group Inc.and Georezonans, LLC. From 2008 to 2014, Mr. Persiyanov was Investment Director at Rusnano. Prior to this, he was a consultant with Ernst &Young and held management and risk analysis positions with GE Money Bank and Citibank. From 2013-2014, Mr. Persiyanov served on the board of directors of Optogan CJSC, Beneq OY, and LED-Microsensor NT LLC. Ms. Saraeva has served as Senior Specialist of planning in the Finance and Reporting department of Millhouse LLC, an asset management company, since 2013. From 2007 to 2013, she was an auditor and then senior auditor with KPMG LLC in Russia.