Carisma Therapeutics Faces Nasdaq Delisting Warning
Ticker: CARM · Form: 8-K · Filed: Oct 11, 2024 · CIK: 1485003
Sentiment: bearish
Topics: delisting, compliance, nasdaq
Related Tickers: CARM
TL;DR
Nasdaq's kicking CARisma off the exchange, stock might tank.
AI Summary
Carisma Therapeutics Inc. announced on October 10, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements. The company is currently evaluating its options and plans to respond to the notice.
Why It Matters
This filing signals potential delisting from Nasdaq, which could significantly impact the company's liquidity, stock trading, and ability to raise capital.
Risk Assessment
Risk Level: high — Receiving a delisting notice from a major exchange like Nasdaq poses a significant risk to the company's continued operation and investor confidence.
Key Players & Entities
- Carisma Therapeutics Inc. (company) — Registrant
- Nasdaq Stock Market (company) — Exchange issuing delisting notice
- October 10, 2024 (date) — Date of earliest event reported
FAQ
What specific continued listing rule did Carisma Therapeutics Inc. fail to meet?
The filing states that Carisma Therapeutics Inc. received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements, but does not specify which particular rule was violated.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is October 10, 2024.
What actions does Carisma Therapeutics Inc. plan to take in response to the delisting notice?
Carisma Therapeutics Inc. is currently evaluating its options and plans to respond to the notice from the Nasdaq Stock Market.
What is the company's state of incorporation and IRS Employer Identification Number?
The company is incorporated in Delaware and its IRS Employer Identification Number is 26-2025616.
Has Carisma Therapeutics Inc. had previous names?
Yes, the company was formerly known as Sesen Bio, Inc. (name change effective May 16, 2018) and Eleven Biotherapeutics, Inc. (name change effective February 23, 2010).
Filing Stats: 772 words · 3 min read · ~3 pages · Grade level 13.6 · Accepted 2024-10-11 16:49:33
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value CARM The Nasdaq Stock Mar
- $50.0 million — Value of Listed Securities ("MVLS") of $50.0 million. The Notice is only a notification of d
Filing Documents
- tm2426043d1_8k.htm (8-K) — 26KB
- 0001104659-24-108078.txt ( ) — 195KB
- carm-20241010.xsd (EX-101.SCH) — 3KB
- carm-20241010_lab.xml (EX-101.LAB) — 33KB
- carm-20241010_pre.xml (EX-101.PRE) — 22KB
- tm2426043d1_8k_htm.xml (XML) — 4KB
01. Notice of Delisting or Failure to Satisfy a Continued
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 10, 2024, Carisma Therapeutics Inc. (the "Company") received written notice (the "Notice") from the Listing Qualifications I Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the Company is not in compliance with Nasdaq Listing Rule 5450(b)(2)(A) (the "MVLS Rule"), which requires the Company to maintain a minimum Market Value of Listed Securities ("MVLS") of $50.0 million. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities on The Nasdaq Global Market. The Notice states that the Company has 180 calendar days, or until April 8, 2025, to regain compliance with the MVLS Rule. To regain compliance, the Company's MVLS must close at $50.0 million or more for a minimum of ten consecutive business days during the 180-day compliance period ending on April 8, 2025. In the event the Company does not regain compliance with the MVLS Listing Rule prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. At that time, the Company will have the opportunity to appeal the decision to a Nasdaq Hearing Panel. The Company intends to monitor its MVLS and consider its available options to regain compliance with Nasdaq listing rules.
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these
forward-looking statements can be identified by the use of words such as "believes," "expects," "intends,"
forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements are subject to certain risks and uncertainties that may cause the Company's actual results to differ from the expectations expressed in the forward-looking statements. There can be no assurance that the Company will achieve such expectations, including regaining compliance with the MVLS Listing Rule during any compliance period or in the future, otherwise meeting Nasdaq compliance standards, being granted by Nasdaq any relief from delisting as necessary, or ultimately meeting applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report speak only as of the date of this report and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.
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. CARISMA THERAPEUTICS INC. By: /s/ Steven Kelly Date: October 11, 2024 Steven Kelly President and Chief Executive Officer