On the risk of delisting of ordinary shares of Lipocine Inc. (LPCN)

The International Trading System Limited (hereinafter — ITS) informs on the information concerning delisting risk of ordinary shares of Lipocine Inc. (ISIN US53630X2036, Shares) from The Nasdaq Stock Market LLC (Nasdaq).

Information on delisting risk of ordinary shares by Nasdaq

On March 13, 2025, Lipocine Inc. (the Company) submitted Annual report on Form 10-K to The United States Securities and Exchange Commission. According to the report, the Company needs to raise additional capital to support its operations, the on-going clinical development of product candidates, and compliance with regulatory requirements. If the Company is unsuccessful in raising additional capital, its ability to continue as a going concern will become a risk. These conditions led the Company’s management to raise substantial doubt about its ability to continue as a going concern for more than twelve months from the date of these financial statements. For more information, please refer to the report available on the SEC website.

Information regarding possible actions to be taken by ITS

If Nasdaq suspends trading in the Company’s ordinary shares, ITS will prohibit submission of orders and will restrict ability to conclude agreements in respect of the Company’s ordinary shares. If the Company’s ordinary shares are delisted from Nasdaq, ITS will terminate trading in the Company’s ordinary shares. However, in case the Company’s ordinary shares become listed, or admitted to trading on another Recognised Trading Venue, ITS will consider but does not guarantee continuation of trading in the Company’s ordinary shares.