Cellectar to Restate Previously Issued Financial Statements – Company Announces Receipt of Expected Notice of Default from Nasdaq

FLORHAM PARK, N.J., Aug. 23, 2024 (GLOBE NEWSWIRE) — Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage biopharmaceutical company focused on the discovery, development and commercialization of drugs to treat cancer, today announced that the Company received an expected notice of default (the “Notice”) on August 20, 2024 from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”). The Notice indicated that the Company failed to comply with the requirement to file periodic financial reports set forth in Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Second Quarter 10-Q”), by the applicable due date.

The delay in filing the second quarter 10-Q is due to the Company’s need to restate certain previously filed financial statements. As previously reported in its Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on August 9, 2024, the Company, after retaining Deloitte & Touche LLP as the Company’s independent registered public accounting firm, determined that it was necessary to reevaluate the accounting treatment for warrants issued as part of a financing that closed in October 2022. The changes to the financial statements are all expected to be non-cash and non-operating. The Company expects to restate its previously issued (i) audited consolidated financial statements for the fiscal years ended December 31, 2023 and 2022 included in its Annual Reports on Form 10-K and (ii) unaudited interim condensed consolidated financial statements for the periods ended March 31, 2023, June 30, 2023, September 30, 2023 and March 31, 2024 included in its Quarterly Reports on Form 10-Q (the “Previously Issued Statements”). The restating and filing of the previously issued statements is expected to be completed prior to the filing of the second quarter 10-Q.