TC BioPharm Faces Nasdaq Delisting Risk Over Bid Price
Ticker: TCBWF · Form: 6-K · Filed: Jan 8, 2025 · CIK: 1872812
Sentiment: bearish
Topics: listing-compliance, delisting-risk, biotech
TL;DR
Nasdaq says TC BioPharm's ADS price is too low, giving them until July 1, 2025, to fix it or get booted.
AI Summary
On January 3, 2025, TC BioPharm (Holdings) plc received a notification from Nasdaq indicating that its American Depositary Shares (ADS) have not met the minimum closing bid price requirement of $1.00 per share. The company has a grace period of 180 calendar days, until July 1, 2025, to regain compliance.
Why It Matters
Failure to meet Nasdaq's minimum bid price requirement could lead to the delisting of TC BioPharm's American Depositary Shares, impacting liquidity and investor confidence.
Risk Assessment
Risk Level: medium — The company is at risk of delisting from Nasdaq if it cannot meet the minimum bid price requirement within the specified grace period.
Key Numbers
- 180 — Grace Period (Days provided by Nasdaq to regain compliance)
- $1.00 — Minimum Bid Price (Requirement for Nasdaq listing)
Key Players & Entities
- TC BioPharm (Holdings) plc (company) — Registrant
- Nasdaq Stock Market, LLC (company) — Listing exchange
- January 3, 2025 (date) — Date of notification
- July 1, 2025 (date) — Deadline for compliance
- $1.00 (dollar_amount) — Minimum bid price requirement
FAQ
What specific requirement did TC BioPharm fail to meet according to Nasdaq?
TC BioPharm failed to meet the minimum closing bid price requirement of $1.00 per share for its American Depositary Shares.
When did TC BioPharm receive the notification from Nasdaq?
TC BioPharm received the written notification from Nasdaq on January 3, 2025.
What is the deadline for TC BioPharm to regain compliance with Nasdaq's listing rules?
The company has a grace period of 180 calendar days, meaning the deadline to regain compliance is July 1, 2025.
What is the primary concern for TC BioPharm's shareholders based on this filing?
The primary concern is the potential delisting of the company's American Depositary Shares from the Nasdaq Stock Market if compliance is not achieved.
What type of filing is this report?
This is a Form 6-K report, which is a report of a foreign private issuer pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934.
Filing Stats: 459 words · 2 min read · ~2 pages · Grade level 18.3 · Accepted 2025-01-08 16:15:22
Key Financial Figures
- $1.00 — ares (the “ADSs”) was below $1.00 for a period of 30 consecutive business
Filing Documents
- form6-k.htm (6-K) — 20KB
- 0001493152-25-001393.txt ( ) — 21KB
From the Filing
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of January 2025 Commission File Number 001-41231 TC BIOPHARM (HOLDINGS) PLC (Translation of registrant’s name into English) Maxim 1, 2 Parklands Way Holytown, Motherwell, ML1 4WR Scotland, United Kingdom +44 (0) 141 433 7557 (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F On January 3, 2025, the Company received written notification from the listing qualifications staff (“Staff”) of the Nasdaq Stock Market, LLC (“Nasdaq”) indicating that the minimum closing bid price per share for its American Depositary Shares (the “ADSs”) was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”). Based upon the Company’s non-compliance with the Bid Price Rule, the Staff had determined to delist the Company’s securities from Nasdaq, subject to the Company’s request for a hearing before a Nasdaq hearings panel (the “Panel”). Because, as previously disclosed, the Company is subject to a discretionary panel monitor through August 21, 2025 pursuant to Nasdaq Listing Rule 5815(d)(4)(A), the Staff did not grant additional time for the Company to regain compliance with the Bid Price Rule. The Company intends to request a hearing before a hearing panel at which it will request continued listing on The Nasdaq Capital Market pending its return to compliance. The Company’s hearing request will stay the suspension of trading and delisting of the Company’s ADSs and Warrants pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing . Consequently, the Company’s ADSs and Warrants will remain listed on The Nasdaq Capital Market at least until the hearing panel renders a decision following the hearing. The Company intends to continue to take definitive steps in an effort to evidence compliance with the Bid Price Rule. However, there can be no assurance that the Panel will grant the Company’s request for continued listing or that the Company will be able to evidence compliance with the Bid Price Rule within any extension period that may be granted by the Panel or maintain compliance with the other Nasdaq listing requirements. -2- Signature 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, thereunto duly authorized. TC BIOPHARM (HOLDINGS) PLC By: /s/ Martin Thorp Name: Martin Thorp Title: Chief Financial Officer Date: January 8, 2025 -3-