Cyclacel Pharmaceuticals Faces Nasdaq Delisting Warning
Ticker: BGMSP · Form: 8-K · Filed: Aug 26, 2024 · CIK: 1130166
Sentiment: bearish
Topics: delisting-warning, compliance, nasdaq
Related Tickers: CYCC
TL;DR
Nasdaq warned Cyclacel about low stock price, giving them until Feb 2025 to fix it or get delisted.
AI Summary
Cyclacel Pharmaceuticals, Inc. announced on August 22, 2024, that it received a notification from The Nasdaq Stock Market LLC regarding its failure to meet the minimum bid price requirement for continued listing. The company has 180 calendar days, until February 18, 2025, to regain compliance by achieving a minimum closing bid price of $1.00 per share for at least 10 consecutive business days.
Why It Matters
This notification indicates potential delisting from Nasdaq, which could significantly impact the company's stock liquidity and investor confidence.
Risk Assessment
Risk Level: high — Failure to meet Nasdaq's minimum bid price requirement poses a significant risk of delisting, which can severely impact the company's marketability and investor base.
Key Numbers
- 180 — Compliance Period (Days to regain minimum bid price)
- $1.00 — Minimum Bid Price (Required for continued Nasdaq listing)
Key Players & Entities
- Cyclacel Pharmaceuticals, Inc. (company) — Registrant
- The Nasdaq Stock Market LLC (company) — Listing Exchange
- August 22, 2024 (date) — Notification Date
- February 18, 2025 (date) — Compliance Deadline
- $1.00 (dollar_amount) — Minimum Bid Price Requirement
FAQ
What specific rule did Cyclacel Pharmaceuticals fail to meet for Nasdaq listing?
Cyclacel Pharmaceuticals failed to meet the minimum bid price requirement for continued listing on The Nasdaq Stock Market LLC.
What is the deadline for Cyclacel Pharmaceuticals to regain compliance with Nasdaq's listing rules?
The company has until February 18, 2025, to regain compliance.
What is the minimum closing bid price required by Nasdaq?
The minimum closing bid price required is $1.00 per share for at least 10 consecutive business days.
What action did The Nasdaq Stock Market LLC take regarding Cyclacel Pharmaceuticals?
The Nasdaq Stock Market LLC notified Cyclacel Pharmaceuticals that it is not in compliance with the minimum bid price requirement for continued listing.
What is the company's strategy to regain compliance?
The filing does not explicitly state the company's strategy, but the requirement is to achieve a minimum closing bid price of $1.00 per share for at least 10 consecutive business days.
Filing Stats: 844 words · 3 min read · ~3 pages · Grade level 13.7 · Accepted 2024-08-26 17:00:30
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share CYCC The Nasdaq Capital Ma
- $2.5 million — orted stockholders' equity of less than $2.5 million as of December 31, 2023. The company's
- $607,000 — The company's stockholders' equity was $607,000 as of December 31, 2023. In response t
- $6.3 million — receiving net proceeds of approximately $6.3 million and confirming that as of the date of t
- $4 million — certain outstanding warrants for up to $4 million during the three-month period ended Jun
- $999,000 — which reported stockholders' equity of $999,000, and disclosed that there was no exerci
Filing Documents
- tm2422661d1_8k.htm (8-K) — 29KB
- 0001104659-24-092908.txt ( ) — 243KB
- cycc-20240822.xsd (EX-101.SCH) — 3KB
- cycc-20240822_def.xml (EX-101.DEF) — 26KB
- cycc-20240822_lab.xml (EX-101.LAB) — 36KB
- cycc-20240822_pre.xml (EX-101.PRE) — 25KB
- tm2422661d1_8k_htm.xml (XML) — 5KB
01 Notice of Delisting
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported, on March 27, 2024, Cyclacel Pharmaceuticals, Inc. (the "Company") received a notice (the "Notice") from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the "Equity Rule") because the Company reported stockholders' equity of less than $2.5 million as of December 31, 2023. The company's stockholders' equity was $607,000 as of December 31, 2023. In response to the Notice, the Company timely submitted materials to the Staff for review on May 13 and 16, 2024 (the "Submission") explaining that on May 2, 2024, the Company completed an equity raise receiving net proceeds of approximately $6.3 million and confirming that as of the date of the Submission, the Company believed it complied with the Equity Rule. Furthermore, the Company stated that it expected to maintain compliance with the Equity Rule through the exercise of certain outstanding warrants for up to $4 million during the three-month period ended June 30, 2024. Subsequently, on August 14, 2024, the Company filed its Form 10-Q for the period ended June 30, 2024, which reported stockholders' equity of $999,000, and disclosed that there was no exercise of warrants during the period then ended, or any other subsequent events that resulted in compliance with the Equity Rule. On August 22, 2024, the Company received a subsequent notice from the Staff stating that the Company is not in compliance with the Equity Rule because the Company reported stockholders' equity of less than $2.5 million as of June 30, 2024. As such, the Staff has determined that the Company did not evidence its ability to achieve near term compliance with the Equity Rule or sustain such compliance over an extended period of time. Accordingly, unless the Company requests an appeal of the St
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 thereunto duly authorized. CYCLACEL PHARMACEUTICALS, INC. By: /s/ Paul McBarron Name: Paul McBarron Title: Executive Vice President-Finance, Chief Financial Officer and Chief Operating Officer Date: August 26, 2024