Aeterna Zentaris (AEZS) Receives Notification from Nasdaq Regarding Minimum Bid Price Compliance; No immediate impact on registration

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Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna” or the “Company”), a specialty biopharmaceutical company developing and marketing a diverse portfolio of pharmaceuticals and diagnostics, announced today that the 28 July 2021, the Company received a notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that, based on a closing bid price of less than 1, $ 00 per share for the common stock of the Company during the last 30 months period of consecutive business days, the Company no longer meets the Nasdaq 5550 (a) (2) listing rule (the “Rule”).

In accordance with Nasdaq listing rule 5810 (c) (3) (A), the company was given a grace period of 180 calendar days, until January 24, 2022, to prove compliance with the rule. To prove compliance with the Rule, the Company must prove a closing bid price of at least $ 1.00 per share for at least 10 consecutive business days no later than January 24, 2022. If the Company does not prove in time Due to compliance with the Rule, the Company may be eligible for an additional 180 day grace period or may be subject to delisting. In the latter case, the Company would have the right to request a hearing before the Nasdaq Hearings Panel, which request would stay all strike action by staff pending the completion of the hearing process.

The Company’s business operations are not affected by receipt of the Nasdaq advisory.

The Nasdaq notice has no immediate effect on the listing of the Company’s common shares on Nasdaq and does not affect the listing of the Company on the Toronto Stock Exchange. The Company reviews its options for demonstrating compliance with the Rule before the expiration of the grace period.

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