Lipella believes it meets Nasdaq minimum equity rule after $2M private placement

LIPELLA PHARMACEUTICALS INC.

Private placement closed Oct 25, 2023; gross proceeds $2.0M, net ~$1.7M.
Stockholders' equity as-adjusted: ~$3.9M (Sep 30, 2023) and ~$3.8M (Oct 31, 2023), above $2.5M minimum.
Nasdaq will continue to monitor ongoing compliance; no assurance of future compliance.
Previously disclosed Nasdaq delinquency notice on Nov 21, 2023 for minimum equity rule.
Pre-funded warrants issued at $1.519/unit; exercise $0.001 per share; common warrants $1.40, 3-year term.

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