Cyclacel Pharmaceuticals Faces Nasdaq Delisting Warning

TL;DR

Nasdaq's kicking Cyclacel off the exchange, company's fighting back.

AI Summary

Cyclacel Pharmaceuticals, Inc. received a notice on August 29, 2024, indicating it failed to meet the continued listing rule standards for The Nasdaq Stock Market LLC. The company is currently evaluating its options and plans to request a hearing with the Nasdaq Hearings Department.

Why It Matters

This filing signals potential delisting from Nasdaq, which could significantly impact the liquidity and trading of Cyclacel's stock.

Risk Assessment

Risk Level: high — Failure to meet listing standards and potential delisting poses a significant risk to the company's stock trading and investor confidence.

Key Players & Entities

• Cyclacel Pharmaceuticals, Inc. (company) — Registrant
• The Nasdaq Stock Market LLC (company) — Listing Exchange
• August 29, 2024 (date) — Date of notice

FAQ

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 June 30, 2024. The notice from th

Filing Documents

• tm2423119d1_8k.htm (8-K) — 27KB
• 0001104659-24-095276.txt ( ) — 240KB
• cycc-20240829.xsd (EX-101.SCH) — 3KB
• cycc-20240829_def.xml (EX-101.DEF) — 26KB
• cycc-20240829_lab.xml (EX-101.LAB) — 36KB
• cycc-20240829_pre.xml (EX-101.PRE) — 25KB
• tm2423119d1_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 August 26, 2024, the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") determined that Cyclacel Pharmaceuticals, Inc. (the "Company") was not in compliance with the Nasdaq Listing Rule 5550(b)(1) (the "Equity Rule") because the Company reported stockholders' equity of less than $2.5 million as of June 30, 2024. The notice from the Staff further stated that unless the Company timely requests a hearing before a Nasdaq Hearings Panel (the "Panel"), the Company's securities would be subject to delisting. Accordingly, the Company timely requested a hearing before the Panel and a hearing has been scheduled for October, 15, 2024. The request automatically stays any suspension or delisting action pending the Panel's decision after the hearing and the expiration of any additional extension period granted by the Panel after the hearing. At the hearing, the Company will present its plan for regaining and sustaining compliance with the Equity Rule for continued listing. However, there can be no assurance that a hearing with the Panel will be successful or, if the Panel determines to continue the Company's listing, that the Company will be able to satisfy the continued listing criteria subsequent to the hearing. If the Company's appeal is denied by the Panel or if the Company fails to regain compliance with Nasdaq Listing Rules during any additional compliance period granted by the Panel, the Company's common stock will be subject to delisting from the Nasdaq.

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 30, 2024

View Full Filing

View this 8-K filing on SEC EDGAR