SELLAS Life Sciences Faces Nasdaq Delisting Warning

TL;DR

**SELLAS Life Sciences got a delisting warning from Nasdaq for low stock price, they have until August 12th to fix it or get booted.**

AI Summary

SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) received a delisting notice from Nasdaq on February 14, 2024, due to its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days. The company has until August 12, 2024, to regain compliance by having its common stock close at $1.00 or more for at least 10 consecutive business days. Failure to do so could result in the company's common stock being delisted from the Nasdaq Capital Market.

Why It Matters

This notice signals potential delisting for SELLAS Life Sciences, which could severely impact its stock liquidity and investor confidence, making it harder to raise capital.

Risk Assessment

Risk Level: high — The company faces potential delisting from Nasdaq, which would significantly harm its market visibility and ability to attract investors.

Key Numbers

• $1.00 — Minimum Bid Price (Nasdaq's requirement for continued listing)
• 30 — Consecutive Business Days (period of non-compliance leading to notice)
• 10 — Consecutive Business Days (period required to regain compliance)

Key Players & Entities

• SELLAS Life Sciences Group, Inc. (company) — registrant facing delisting
• Nasdaq (company) — exchange issuing delisting notice
• $1.00 (dollar_amount) — minimum bid price requirement
• February 14, 2024 (date) — date of delisting notice
• August 12, 2024 (date) — deadline to regain compliance

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share SLS The Nasdaq St
• $1.00 — maintain a minimum closing bid price of $1.00 per share as required by Nasdaq Listing

Filing Documents

• tm246424d1_8k.htm (8-K) — 24KB
• 0001104659-24-024898.txt ( ) — 194KB
• sls-20240214.xsd (EX-101.SCH) — 3KB
• sls-20240214_lab.xml (EX-101.LAB) — 33KB
• sls-20240214_pre.xml (EX-101.PRE) — 22KB
• tm246424d1_8k_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 February 14, 2024, SELLAS Life Sciences Group, Inc. (the "Company") received a letter from The Nasdaq Stock Market ("Nasdaq") notifying the Company that for the preceding 30 consecutive business days the Company's common stock did not maintain a minimum closing bid price of $1.00 per share as required by Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). The notice has no immediate effect on the listing or trading of the Company's common stock, and the common stock will continue to trade on The Nasdaq Capital Market under the symbol "SLS" at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, or until August 12, 2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2). Compliance can be achieved automatically and without further action if the closing bid price of the Company's common stock is at or above $1.00 for a minimum of 10 consecutive business days at any time during the 180-day compliance period, in which case Nasdaq will notify the Company of its compliance and the matter will be closed. If, however, the Company does not achieve compliance with the Minimum Bid Price Requirement by August 12, 2024, the Company may be eligible for additional time to comply. In order to be eligible for such additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and must notify Nasdaq in writing of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. 2

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. SELLAS Life Sciences Group, Inc. Date: February 16, 2024 By: /s/ Barbara A. Wood Name: Barbara A. Wood Title: Executive Vice President, General Counsel and Corporate Secretary 3

View Full Filing

View this 8-K filing on SEC EDGAR