On the potential delisting of ordinary shares of BioXcel Therapeutics, Inc. (BTAI)

The International Trading System Limited (ITS) informs of the potential delisting of ordinary shares of BioXcel Therapeutics, Inc. (ISIN US09075P2048, QI) from The Nasdaq Stock Market LLC (Nasdaq).

Information regarding the QI's status on Nasdaq

On September 20, 2024, BioXcel Therapeutics, Inc. (the Company) received a notice from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(2), as the Company’s market value of listed securities had been below $35 million for the last 30 consecutive business days.

On March 21, 2025, the Company submitted a Current report on Form 8-K to The United States Securities and Exchange Commission. According to the report, on March 20, 2025 the Company received written notice from Nasdaq notifying that the Company did not regain compliance with the Listing Rule and is subject to delisting from the Nasdaq on March 21, 2025.

The Company intends to appealed this determination and therefore such delisting will be stayed. The Company's common stock will remain listed on the Nasdaq pending the ruling by the Nasdaq Hearings Panel.

Information regarding the actions taken by ITS

ITS will publish separate notices on the procedures undertaken by ITS outlining how trading in these qualified investments will be carried out.

In view of the potential delisting of the Company’s common stock from Nasdaq, ITS intends to limit short selling and to shift the opening of trading in respect of the Company’s ordinary shares in the Main Trading Mode to 19:30 Astana time on every trading day starting from March 27, 2025.

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.