Iterum Therapeutics Faces Nasdaq Delisting Warning

TL;DR

Nasdaq says ITRM's stock is too low, needs to hit $1 by April 1, 2025, or get booted.

AI Summary

Iterum Therapeutics plc announced on October 1, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules due to its low stock price. The company has until April 1, 2025, to regain compliance by meeting the minimum bid price requirement of $1.00 per share.

Why It Matters

Failure to regain compliance could lead to the delisting of Iterum Therapeutics' ordinary shares from the Nasdaq Capital Market, impacting liquidity and investor confidence.

Risk Assessment

Risk Level: medium — The company is at risk of delisting from Nasdaq if it cannot meet the minimum bid price requirement, which could negatively impact its stock value and investor confidence.

Key Numbers

• $1.00 — Minimum Bid Price (Required to regain Nasdaq compliance)

Key Players & Entities

• Iterum Therapeutics plc (company) — Registrant
• Nasdaq Stock Market (company) — Listing exchange
• April 1, 2025 (date) — Deadline for compliance
• $1.00 (dollar_amount) — Minimum bid price requirement

FAQ

Key Financial Figures

• $0.01 — registered Ordinary Shares, par value $0.01 per share ITRM The Nasdaq Stock Mar
• $2,500,000 — that it did not comply with the minimum $2,500,000 stockholders' equity requirement for co

Filing Documents

• itrm-20241001.htm (8-K) — 38KB
• 0000950170-24-112977.txt ( ) — 154KB
• itrm-20241001.xsd (EX-101.SCH) — 26KB
• itrm-20241001_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. As previously disclosed, on April 3, 2024, the Listing Qualifications department of The Nasdaq Stock Market LLC ("Nasdaq") notified Iterum Therapeutics plc (the "Company") that it did not comply with the minimum $2,500,000 stockholders' equity requirement for continued listing set forth in Nasdaq Listing Rule 5550(b) (the "Rule"); however, based on their review and materials submitted on May 20, 2024, Nasdaq granted the Company's request for an extension until September 30, 2024, to comply with this requirement. On October 1, 2024, the Company received a delisting determination letter from Nasdaq advising the Company that Nasdaq had determined that the Company did not meet the terms of the extension. The Company intends to submit a hearing request to the Nasdaq Hearings Panel (the "Panel"), which request will stay any delisting action by Nasdaq at least until the hearing process concludes and any extension granted by the Panel expires. At the Panel hearing, the Company intends to present a plan to regain compliance with the minimum stockholders' equity requirement. In the interim, the Company's ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol "ITRM", at least pending the ultimate conclusion of the hearing process. Pursuant to the Nasdaq Listing Rules, the Panel has the discretion to grant the Company an additional extension period not to exceed March 31, 2025. Notwithstanding, there can be no assurance that the Panel will grant the Company an additional extension period or that the Company will ultimately regain compliance with all applicable requirements for continued listing on The Nasdaq Capital Market.

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: October 4, 2024 By: /c/ Corey N. Fishman Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR