Salarius Pharmaceuticals Faces Delisting Notice
Ticker: DCOY · Form: 8-K · Filed: Mar 6, 2024 · CIK: 1615219
Sentiment: bearish
Topics: delisting, compliance, regulatory
TL;DR
Salarius got a delisting warning - stock might be in trouble.
AI Summary
Salarius Pharmaceuticals, Inc. filed an 8-K on March 6, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company, previously known as Flex Pharma, Inc., is incorporated in Delaware and has its principal executive offices in Houston, Texas.
Why It Matters
This filing indicates potential issues with Salarius Pharmaceuticals' continued listing on an exchange, which could significantly impact its stock value and trading accessibility.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.
Key Players & Entities
- Salarius Pharmaceuticals, Inc. (company) — Registrant
- Flex Pharma, Inc. (company) — Former company name
- March 5, 2024 (date) — Date of earliest event reported
- March 6, 2024 (date) — Date of report
- 2450 Holcombe Blvd. Suite X Houston, TX 77021 (address) — Principal executive offices
FAQ
What is the specific reason for Salarius Pharmaceuticals' notice of delisting?
The filing states it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing,' but the specific rule or standard is not detailed in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on March 5, 2024.
What was Salarius Pharmaceuticals' former company name?
The company's former name was Flex Pharma, Inc.
Where are Salarius Pharmaceuticals' principal executive offices located?
The principal executive offices are located at 2450 Holcombe Blvd. Suite X Houston, TX 77021.
What is the SEC Act under which this 8-K is filed?
This 8-K is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 638 words · 3 min read · ~2 pages · Grade level 12.4 · Accepted 2024-03-06 16:02:16
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 SLRX The Nasdaq Capital Market Indi
- $1.00 — Company's common stock had closed below $1.00 for the previous 30 consecutive busines
Filing Documents
- flks-20240305.htm (8-K) — 25KB
- 0001615219-24-000019.txt ( ) — 144KB
- flks-20240305.xsd (EX-101.SCH) — 2KB
- flks-20240305_lab.xml (EX-101.LAB) — 21KB
- flks-20240305_pre.xml (EX-101.PRE) — 12KB
- flks-20240305_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed, on September 5, 2023, Salarius Pharmaceuticals, Inc. (the "Company") received a letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (the "Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price per share for the Company's common stock had closed below $1.00 for the previous 30 consecutive business days (the "Bid Price Rule"). The Company was given until March 4, 2024 to regain compliance with the Bid Price Rule. On March 5, 2024, the Company received notice (the "Approval") from Nasdaq that the Company has been granted an additional 180-day grace period, or until September 3, 2024, to regain compliance with the Bid Price Rule. To regain compliance with the Bid Price Rule and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company's common stock must be at least $1.00 for at least 10 consecutive business days on or prior to September 3, 2024. If the Company fails to regain compliance during the additional compliance period, then Nasdaq will notify the Company of its determination to delist the Company's common stock, at which point the Company would have an opportunity to appeal the delisting determination to a Nasdaq Listing Qualifications Panel (the "Panel"), but there can be no assurance that the Panel would grant the Company's request for continued listing. As a condition of the Approval imposed by Nasdaq Listing Rule 5810(c)(3)(a), the Company notified Nasdaq that it would seek to implement a reverse stock split, if necessary, to regain compliance with the Bid Price Rule.
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. SALARIUS PHARMACEUTICALS, INC. Date: March 6, 2024 By: /s/ Mark J. Rosenblum Mark J. Rosenblum Chief Financial Officer