Galecto, Inc. Files 8-K Report

TL;DR

Galecto filed an 8-K. No major news, just corporate housekeeping.

AI Summary

On March 22, 2024, Galecto, Inc. filed an 8-K report. The filing primarily concerns "Other Events" and does not detail specific transactions or financial figures within the provided text. The report confirms Galecto, Inc.'s legal and business information as of March 26, 2024.

Why It Matters

This filing serves as an official notification to the SEC and the public about significant corporate events or changes for Galecto, Inc.

Risk Assessment

Risk Level: low — The filing is a routine 8-K report and does not contain information that suggests an immediate change in risk for the company.

Key Players & Entities

• Galecto, Inc. (company) — Registrant
• 0000950170-24-036391 (filing_id) — Accession Number
• 20240326 (date) — Filing Date
• March 22, 2024 (date) — Date of earliest event reported
• 75 State Street, Suite 100, Boston, MA 02109 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.00001 — e on which registered Common Stock, $0.00001 par value per share GLTO The Nasdaq
• $1.00 — was not in compliance with the minimum $1.00 per share required for continued listin
• $1 — the Company's Common Stock is at least $1 per share for at least a minimum of 10

Filing Documents

• glto-20240322.htm (8-K) — 56KB
• 0000950170-24-036391.txt ( ) — 173KB
• glto-20240322.xsd (EX-101.SCH) — 27KB
• glto-20240322_htm.xml (XML) — 5KB

01. Other Events

Item 8.01. Other Events. As previously disclosed, on September 27, 2023, Galecto, Inc. (the "Company") received a deficiency letter from the Nasdaq Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the Company was not in compliance with the minimum $1.00 per share required for continued listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the "Bid Price Requirement"). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted 180 calendar days, or until March 25, 2024 (the "Initial Compliance Date"), to regain compliance with the Bid Price Requirement. The Company did not regain compliance with the Bid Price Requirement by the Initial Compliance Date. On March [26], 2024, Nasdaq notified the Company that it had granted the Company an additional 180 calendar day period (the "Extended Compliance Period"), or until September [22], 2024, to regain compliance with the Bid Price Requirement. Nasdaq's determination was based on, among other things, (1) the Company meeting the continued listing requirement for market value of publicly held shares and all other initial listing requirements for The Nasdaq Capital Market, with the exception of the Bid Price Requirement, and (2) the Company's written notice of its intention to cure the deficiency by effecting a reverse stock split, if necessary. On March 5, 2024, the Company applied to transfer its securities from The Nasdaq Global Select Market to The Nasdaq Capital Market. Along with its application, the Company also provided written notice to the Staff of its intention to cure the deficiency. On March 19, 2024, the Company received a letter from the Staff approving the Company's application to list its securities on The Nasdaq Capital Market. The Company's securities were transferred to The Nasdaq Capital Market at the opening of business on March 22, 2024. The Compa

Forward-Looking Statements

Forward-Looking Statements Certain statements in this current report are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include, without limitation, statements related to the Company's ability to regain compliance with the Nasdaq listing standards, including by effecting a reverse stock split. Any forward-looking statements in this current report are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks relating to regaining compliance with Nasdaq listing standards . For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause the Company's actual results to differ materially and adversely from those contained in the forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K, as filed with the SEC on March 8, 2024, as well as discussions of potential risks, uncertainties and other important factors in the Company's subsequent filings with the Securities and Exchange Commission. The Company explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law. SIGNATURE 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. Galecto, Inc. Date: March 26, 2024 By: /s/ Hans T. Schambye Hans T. Schambye, M.D., Ph.D. President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR