Karyopharm Therapeutics Faces Delisting Notice

TL;DR

Karyopharm got a notice about possibly getting delisted. Big trouble.

AI Summary

Karyopharm Therapeutics Inc. filed an 8-K on September 17, 2024, reporting a notice of delisting or failure to meet continued listing standards as of September 16, 2024. The company is incorporated in Delaware and its principal executive offices are located at 85 Wells Avenue, Newton, MA.

Why It Matters

This filing indicates potential issues with Karyopharm's compliance with stock exchange listing rules, which could impact its stock's tradability and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock liquidity and market perception.

Key Players & Entities

• Karyopharm Therapeutics Inc. (company) — Registrant
• September 16, 2024 (date) — Date of earliest event reported
• September 17, 2024 (date) — Date of report
• 85 Wells Avenue, Newton, Massachusetts 02459 (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value KPTI Nasdaq Global Select
• $1.00 — mmon stock had closed below the minimum $1.00 per share requirement for continued inc

Filing Documents

• d260865d8k.htm (8-K) — 25KB
• 0001193125-24-220534.txt ( ) — 144KB
• kpti-20240916.xsd (EX-101.SCH) — 3KB
• kpti-20240916_lab.xml (EX-101.LAB) — 18KB
• kpti-20240916_pre.xml (EX-101.PRE) — 11KB
• d260865d8k_htm.xml (XML) — 4KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): September 16, 2024 Karyopharm Therapeutics Inc. (Exact Name of Registrant as Specified in Charter) Delaware 001-36167 26-3931704 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 85 Wells Avenue , 2nd Floor , Newton , Massachusetts 02459 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (617) 658-0600 (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value KPTI Nasdaq Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On September 16, 2024, Karyopharm Therapeutics Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") notifying the Company that, for the last 32 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the "Bid Price Rule"). The deficiency letter does not result in the immediate delisting of the Company's common stock from the Nasdaq Global Select Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period Rule"), the Company has been provided an initial period of 180 calendar days, or until March 17, 2025 (the "Compliance Date"), to regain compliance with the Bid Price Rule. If, at any time before the Compliance Date, the bid price for the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it complies with the Bid Price Rule, unless the Staff exercises its discretion to extend this 10-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). If the Company does not regain compliance with the Bid Price Rule by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to transfer the listing of its common stock to the Nasdaq Capital Market, provided that it meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards of the Nasdaq Capital Market, with the exception of its bid price requirement. To effect such a transfer, among other things, the Company would also need to pay an application fee to Nasdaq and provide written notice to the Staff of its intention to cure the deficiency during the additional compliance period by effecting a reverse stock split, if necessary. If the Company does not regain compliance with the Bid Price Rule by the Compliance Date and it appears to the Staff that the Company will not be able to regain compliance with the Bid Price Rule during the additional compliance period, or that the Company is otherwise not eligible for an additional compliance period at that time, the Staff will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Nasdaq Listing Qualifications Panel (the "Panel"). The Company expects that its common stock would remain listed pending the Panel's decision. However, there can be no assurance that, if the Company d

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View this 8-K filing on SEC EDGAR