Aptose Biosciences 8-K: Delisting Notice & Financials
Ticker: APTOF · Form: 8-K · Filed: Apr 5, 2024 · CIK: 882361
Sentiment: bearish
Topics: delisting, financials, regulatory
TL;DR
Aptose Biosciences 8-K: Potential delisting notice filed, plus financials.
AI Summary
Aptose Biosciences Inc. filed an 8-K on April 5, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, and also filed financial statements and exhibits. The report covers events as of April 2, 2024. The company is incorporated in Canada and its fiscal year ends on December 31.
Why It Matters
This filing indicates potential issues with Aptose Biosciences' continued listing on an exchange, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant red flag for investors, suggesting serious financial or operational challenges.
Key Players & Entities
- Aptose Biosciences Inc. (company) — Registrant
- 20240405 (date) — Filing Date
- 20240402 (date) — Earliest Event Date
- Canada (location) — Jurisdiction of Incorporation
FAQ
What specific rule or standard has Aptose Biosciences failed to satisfy, leading to the notice of delisting?
The filing does not specify the exact rule or standard that Aptose Biosciences has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on April 2, 2024.
What is the primary business of Aptose Biosciences Inc. according to the filing?
According to the filing, Aptose Biosciences Inc. is in the business of Biological Products (No Diagnostic Substances).
What is the Commission File Number for Aptose Biosciences Inc.?
The Commission File Number for Aptose Biosciences Inc. is 001-32001.
Has Aptose Biosciences Inc. undergone any previous name changes?
Yes, Aptose Biosciences Inc. was formerly known as Lorus Therapeutics Inc. (name change effective September 5, 2014), which was formerly known as IMUTEC PHARMA INC (name change effective January 13, 1997).
Filing Stats: 802 words · 3 min read · ~3 pages · Grade level 13.4 · Accepted 2024-04-05 17:05:25
Key Financial Figures
- $2,500,000 — 4, was below the minimum requirement of $2,500,000. Notwithstanding the Notification Lette
- $35 m — a market value of listed securities of $35 million, or net income from continued ope
- $500,000 — net income from continued operations of $500,000 in the most recently completed fiscal y
Filing Documents
- f8k_040524.htm (8-K) — 24KB
- 0001171843-24-001877.txt ( ) — 195KB
- apto-20240402.xsd (EX-101.SCH) — 3KB
- apto-20240402_lab.xml (EX-101.LAB) — 33KB
- apto-20240402_pre.xml (EX-101.PRE) — 22KB
- f8k_040524_htm.xml (XML) — 4KB
01
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 2, 2024, Aptose Biosciences Inc. (the "Company") received a letter (the "Notification Letter") from The Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the "Rule") because the stockholders' equity of the Company as of December 31, 2023, as reported in the Company's Annual Report on Form 10-K filed with the SEC on March 26, 2024, was below the minimum requirement of $2,500,000. Notwithstanding the Notification Letter, the Company believes that following the closing of its financings on January 30, 2024 and January 31, 2024, respectively (the "Financings"), as disclosed in the Company's recently filed Annual Report on Form 10-K that as of the dates of the closing of the Financings that the Company's stockholders' equity exceeded $2,500,000. As of the date of this Current Report on Form 8-K, the Company does not have a market value of listed securities of $35 million, or net income from continued operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, the alternative quantitative standards for continued listing on the Nasdaq Capital Market. The Notification Letter received has no immediate effect on the Company's continued listing on the Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. Pursuant to Nasdaq's Listing Rules, the Company has 45 calendar days (until May 17, 2024), to submit a plan to evidence compliance with the Rule (a "Compliance Plan"). The Company intends to submit a Compliance Plan within the required time, although there can be no assurance that the Compliance Plan will be accepted by Nasdaq. If the Compliance Plan is accepted by Nasdaq, the Company will be granted an extension of up to 180 calendar days from April 2, 2024 to evide
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits Exhibit No. Description of Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 5, 2024 APTOSE BIOSCIENCES INC. By: /s/ Fletcher Payne Name: Fletcher Payne Title: Senior Vice President and Chief Financial Officer