PHIO Receives Nasdaq Delisting Notice for Bid Price Non-Compliance

TL;DR

**PHIO got a delisting notice from Nasdaq for low stock price; they have until July 22, 2024, to fix it or get kicked off.**

AI Summary

Phio Pharmaceuticals Corp. (PHIO) announced on January 24, 2024, that it received a delisting notice from The Nasdaq Capital Market because its common stock failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days. This is a significant concern for investors because if the company cannot regain compliance by July 22, 2024, its shares will be delisted, making them harder to trade and potentially reducing their value.

Why It Matters

Delisting from Nasdaq would severely impact the stock's liquidity and investor confidence, making it much riskier and potentially less valuable for current and prospective shareholders.

Risk Assessment

Risk Level: high — The company faces potential delisting from a major exchange, which is a severe blow to its public trading status and investor accessibility.

Analyst Insight

Investors should closely monitor PHIO's stock price and any announcements regarding compliance efforts, such as a reverse stock split, as delisting would significantly impair liquidity and value. Consider the increased risk of holding shares given the delisting threat.

Key Numbers

• $1.00 — Minimum Bid Price (The required minimum bid price per share for continued listing on Nasdaq.)
• 30 — Consecutive Business Days (The period over which PHIO's stock failed to maintain the minimum bid price.)
• 180 — Calendar Days (The initial compliance period granted by Nasdaq to regain compliance.)

Key Players & Entities

• Phio Pharmaceuticals Corp. (company) — the registrant receiving the delisting notice
• The Nasdaq Capital Market (company) — the exchange from which PHIO faces delisting
• $1.00 (dollar_amount) — the minimum bid price requirement
• January 24, 2024 (date) — date of the earliest event reported (delisting notice)
• July 22, 2024 (date) — deadline to regain compliance with Nasdaq's listing rules

Forward-Looking Statements

• Phio Pharmaceuticals Corp. will attempt a reverse stock split to regain Nasdaq compliance. (Phio Pharmaceuticals Corp.) — medium confidence, target: July 22, 2024

FAQ

Key Financial Figures

• $0.0001 — h registered: Common Stock, par value $0.0001 per share PHIO The Nasdaq Capital M
• $1.00 — maintain a minimum closing bid price of $1.00 for 30 consecutive business days. The N

Filing Documents

• phio_8k.htm (8-K) — 26KB
• 0001683168-24-000489.txt ( ) — 195KB
• phio-20240124.xsd (EX-101.SCH) — 3KB
• phio-20240124_lab.xml (EX-101.LAB) — 33KB
• phio-20240124_pre.xml (EX-101.PRE) — 22KB
• phio_8k_htm.xml (XML) — 3KB

01 Notice of Delisting or Failure to Satisfy Continued Listing

Item 3.01 Notice of Delisting or Failure to Satisfy Continued Listing Rule or Standard; Transfer of Listing. On January 24, 2024, Phio Pharmaceuticals Corp. (the "Company") received written notice (the "Notification Letter") from The Nasdaq Capital Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule") because the Company's common stock failed to maintain a minimum closing bid price of $1.00 for 30 consecutive business days. The Notice has no immediate effect on the Nasdaq listing or trading of the Company's common stock The Notification Letter provides an initial 180 calendar day period, or until July 22, 2024, in which to regain compliance, pursuant to Listing Rule 5810(c)(3)(A). If, at any time before that date the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the Minimum Bid Price Rule. The Company intends to actively monitor the closing bid price of its common stock and will evaluate available options to regain compliance with the Minimum Bid Price Rule.

Forward-Looking Statements

Forward-Looking Statements This Report on Form 8-K contains forward-looking

forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect,"

forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "continue" and similar words. Such statements are only predictions and actual events or results may differ materially from those anticipated in these forward-looking

forward-looking statements as circumstances change, except as required by securities laws

forward-looking statements as circumstances change, except as required by securities laws. 3

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. PHIO PHARMACEUTICALS CORP. Date: January 26, 2024 By: /s/ Robert Bitterman Robert Bitterman President and Chief Executive Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR