Sangamo Therapeutics Faces Nasdaq Delisting Warning

TL;DR

Nasdaq says SGMO's stock is too low, they have until Oct 21 to fix it or get booted.

AI Summary

Sangamo Therapeutics, Inc. announced on April 24, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules due to its stock price falling below the minimum bid price requirement. The company has a period of 180 days, until October 21, 2024, to regain compliance by maintaining a minimum closing bid price of $1.00 for at least ten consecutive business days.

Why It Matters

This delisting warning signals potential financial distress and could negatively impact investor confidence and the company's ability to raise capital.

Risk Assessment

Risk Level: medium — The company is at risk of being delisted from Nasdaq if it cannot meet the minimum bid price requirement within the specified timeframe.

Key Numbers

• $1.00 — Minimum Bid Price (Requirement to remain listed on Nasdaq)
• 180 days — Compliance Period (Timeframe to regain compliance)

Key Players & Entities

• Sangamo Therapeutics, Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Listing Exchange
• October 21, 2024 (date) — Compliance Deadline
• $1.00 (dollar_amount) — Minimum Bid Price Requirement

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share SGMO Nasdaq Global
• $1.00 — Company's common stock had closed below $1.00 per share, the minimum closing bid pric

Filing Documents

• sgmo-20240424.htm (8-K) — 30KB
• 0001628280-24-019337.txt ( ) — 180KB
• sgmo-20240424.xsd (EX-101.SCH) — 2KB
• sgmo-20240424_def.xml (EX-101.DEF) — 14KB
• sgmo-20240424_lab.xml (EX-101.LAB) — 26KB
• sgmo-20240424_pre.xml (EX-101.PRE) — 15KB
• sgmo-20240424_htm.xml (XML) — 3KB

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 24, 2024, Sangamo Therapeutics, Inc. (the "Company") received a deficiency notice, or the Notice, from the Listing Qualifications Staff, or the Staff, of The Nasdaq Stock Market LLC, or Nasdaq, notifying the Company that, for the last 30 consecutive business days, the bid price of the Company'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 Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Global Select Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until October 21, 2024, or the Compliance Date, to regain compliance with the minimum bid price requirement by having shares of the Company's common stock maintain a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days before the Compliance Date. If the Company's common stock does not achieve compliance by the Compliance Date, the Company may be eligible for an additional 180-day period to regain compliance. To qualify for the second compliance period, the Company would be required to transfer its listing to the Nasdaq Capital Market and meet the continued listing requirement for market value of publicly held shares and all other applicable initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for the second compliance period, and the Company does not regain compliance by the Compliance Date

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. SANGAMO THERAPEUTICS, INC. Dated: April 30, 2024 By: /s/ SCOTT B. WILLOUGHBY Name: Scott B. Willoughby Title: Senior Vice President, General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR