FibroGen Inc. Faces Delisting Concerns

TL;DR

FibroGen's on notice for potential delisting - big trouble ahead.

AI Summary

FibroGen, Inc. filed an 8-K on September 12, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The company is based in San Francisco, California, and its principal executive offices are located at 409 Illinois Street, San Francisco, CA 94158.

Why It Matters

This filing indicates potential issues with FibroGen's continued listing on a stock exchange, which could significantly impact its stock value and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards is a severe event that can lead to significant stock price declines and operational challenges.

Key Players & Entities

• FibroGen, Inc. (company) — Registrant
• 409 Illinois Street, San Francisco, CA 94158 (location) — Principal Executive Offices
• September 12, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FGEN The Nasdaq Global Se
• $1.00 — ibroGen's common stock had closed below $1.00 per share, the minimum closing bid pric

Filing Documents

• fgen-20240912.htm (8-K) — 37KB
• 0000950170-24-106818.txt ( ) — 145KB
• fgen-20240912.xsd (EX-101.SCH) — 23KB
• fgen-20240912_htm.xml (XML) — 4KB

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 September 12, 2024, FibroGen, Inc. ("FibroGen") received a letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market notifying FibroGen that for 30 consecutive business days the bid price of FibroGen's common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of Nasdaq listing rule 5450(a)(1). The notification received has no immediate effect on the listing of FibroGen's common stock on Nasdaq. In accordance with listing rule 5810(c)(3)(A), FibroGen has 180 calendar days, or until March 11, 2025, to regain compliance with the minimum bid price rule. To regain compliance, the closing bid price of FibroGen's common stock must be at least $1.00 per share for a minimum of ten consecutive business days (or such longer period of time as the Nasdaq staff may require in some circumstances, but generally not more than 20 consecutive business days) before March 11, 2025. If FibroGen's common stock does not achieve compliance by March 11, 2025, FibroGen may be eligible for an additional 180-day period to regain compliance if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that FibroGen will not be able to cure the deficiency, or if FibroGen does not meet the other listing standards, Nasdaq could provide notice that FibroGen's common stock will become subject to delisting. In the event FibroGen receives notice that its common stock is being delisted, Nasdaq rules permit FibroGen to appeal any delisting determination by the Nasdaq staff t

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. FIBROGEN, INC. Date: September 16, 2024 By: /s/ Michael Lowenstein Michael Lowenstein Chief Legal Officer

View Full Filing

View this 8-K filing on SEC EDGAR