Iterum Therapeutics Faces Delisting Concerns

TL;DR

Iterum Therapeutics might get delisted, big trouble for shareholders.

AI Summary

Iterum Therapeutics plc filed an 8-K on April 5, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The company's principal executive offices are located at Fitzwilliam Court, 1st Floor, Leeson Close, Dublin 2, Ireland.

Why It Matters

This filing indicates potential issues with Iterum Therapeutics' compliance with stock exchange listing requirements, which could lead to the company's shares being delisted.

Risk Assessment

Risk Level: high — A notice of delisting directly threatens the liquidity and value of the company's stock.

Key Players & Entities

• Iterum Therapeutics plc (company) — Registrant
• April 03, 2024 (date) — Earliest event reported
• April 5, 2024 (date) — Filing date
• Fitzwilliam Court, 1st Floor, Leeson Close, Dublin 2, Ireland (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.01 — registered Ordinary Shares, par value $0.01 per share ITRM The Nasdaq Stock Mar
• $6,403,000 — rs' equity (deficit) of the Company of ($6,403,000) as of December 31, 2023, as reported i
• $2,500,000 — mum stockholders' equity requirement of $2,500,000 and (ii) the Company did not, as of Apr

Filing Documents

• itrm-20240403.htm (8-K) — 38KB
• 0000950170-24-042288.txt ( ) — 153KB
• itrm-20240403.xsd (EX-101.SCH) — 26KB
• itrm-20240403_htm.xml (XML) — 5KB

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. On April 3, 2024, Iterum Therapeutics plc (the "Company") received a letter from The Nasdaq Stock Market LLC ("Nasdaq") indicating that it is not in compliance with Nasdaq Listing Rule 5550(b)(1), because (i) the stockholders' equity (deficit) of the Company of ($6,403,000) as of December 31, 2023, as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, was below the minimum stockholders' equity requirement of $2,500,000 and (ii) the Company did not, as of April 3, 2024, meet the alternatives standards of market value of listed securities or net income from continuing operations for compliance with Nasdaq Listing Rule 5550(b)(1). Nasdaq's letter has no immediate impact on the listing of the Company's ordinary shares, which will continue to be listed and traded on the Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. Nasdaq's letter provides the Company with 45 calendar days, or until May 20, 2024, to submit a plan to regain compliance. If the plan is accepted, the Company can be granted up to 180 calendar days from April 3, 2024 (or until September 30, 2024), to evidence compliance. In the event the plan is not accepted by Nasdaq or, in the event the plan is accepted and the extension granted but the Company fails to regain compliance within the plan period, the Company would have the right to a hearing before before a panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal any delisting determination by Nasdaq to a panel, that such appeal would be successful. The Company intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq. The Company is currently evaluating its available options to resol

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. Iterum Therapeutics plc Date: April 05, 2024 By: /s/ Corey N. Fishman Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR