Traws Pharma Faces Nasdaq Delisting, Seeks Compliance
Ticker: TRAW · Form: 8-K · Filed: Aug 23, 2024 · CIK: 1130598
| Field | Detail |
|---|---|
| Company | Traws Pharma, Inc. (TRAW) |
| Form Type | 8-K |
| Filed Date | Aug 23, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $2.5 million, $105.5 m |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, nasdaq
Related Tickers: ONCO
TL;DR
Traws Pharma is on the chopping block at Nasdaq, has until Feb 2025 to fix it or get booted.
AI Summary
Traws Pharma, Inc. (formerly Onconova Therapeutics, Inc.) filed an 8-K on August 23, 2024, to report its failure to meet the continued listing standards of the Nasdaq Capital Market. The company was notified on August 19, 2024, that it was not in compliance with certain listing rules, and it has been granted an exception to regain compliance by February 17, 2025. Traws Pharma is headquartered at 12 Penns Trail, Newtown, PA.
Why It Matters
Failure to meet listing standards can lead to delisting from a major exchange, potentially impacting stock liquidity and investor confidence.
Risk Assessment
Risk Level: high — The company is at high risk of delisting from the Nasdaq Capital Market due to failure to meet continued listing standards.
Key Numbers
- February 17, 2025 — Compliance Deadline (The date by which Traws Pharma must regain compliance with Nasdaq listing rules.)
Key Players & Entities
- Traws Pharma, Inc. (company) — Registrant
- Onconova Therapeutics, Inc. (company) — Former company name
- Nasdaq Capital Market (company) — Exchange where listing standards were not met
- August 23, 2024 (date) — Date of 8-K filing
- August 19, 2024 (date) — Date of Nasdaq notification
- February 17, 2025 (date) — Deadline to regain compliance
- 12 Penns Trail, Newtown, PA (location) — Company address
FAQ
What specific Nasdaq listing rule(s) did Traws Pharma fail to meet?
The filing states Traws Pharma failed to meet 'certain listing rules' but does not specify which ones in the provided text.
What is the primary reason for Traws Pharma's potential delisting?
Traws Pharma received a notification on August 19, 2024, that it was not in compliance with the continued listing standards of the Nasdaq Capital Market.
What is the new deadline for Traws Pharma to regain compliance with Nasdaq listing standards?
Traws Pharma has been granted an exception and must regain compliance by February 17, 2025.
When was Traws Pharma previously known as?
Traws Pharma, Inc. was formerly known as Onconova Therapeutics, Inc., with name changes dating back to May 26, 2009.
Where is Traws Pharma, Inc. located?
The company's business and mail address is 12 Penns Trail, Newtown, PA 18940.
Filing Stats: 692 words · 3 min read · ~2 pages · Grade level 12.8 · Accepted 2024-08-23 17:15:47
Key Financial Figures
- $2.5 million — intain stockholders' equity of at least $2.5 million. In the Company's Quarterly Report on F
- $105.5 m — stockholders' deficit of approximately $105.5 million, which is below the minimum stock
Filing Documents
- tm2422606d1_8k.htm (8-K) — 23KB
- 0001104659-24-092496.txt ( ) — 191KB
- tmb-20240823.xsd (EX-101.SCH) — 3KB
- tmb-20240823_lab.xml (EX-101.LAB) — 33KB
- tmb-20240823_pre.xml (EX-101.PRE) — 22KB
- tm2422606d1_8k_htm.xml (XML) — 4KB
01. Notice of Delisting or Failure to Satisfy a Continued
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On August 23, 2024, Traws Pharma, Inc. (the "Company") received a letter from The Nasdaq Capital Market ("Nasdaq") dated August 21, 2024, notifying the Company that it is no longer in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders' equity of at least $2.5 million. In the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, the Company reported stockholders' deficit of approximately $105.5 million, which is below the minimum stockholders' equity required for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1). In addition, as of August 21, 2024, the Company does not meet the alternative compliance standards relating to the market value of listed securities or net income from continuing operations. This notification has no immediate effect on the listing of the Company's securities on the Nasdaq Capital Market. Nasdaq has provided the Company with 45 calendar days, or until October 7, 2024, to submit a plan to regain compliance with the minimum stockholders' equity standard. If the Company's plan to regain compliance is accepted, Nasdaq may grant an extension until February 18, 2025, for the Company to regain compliance. The Company is presently evaluating various courses of action to regain compliance and intends to timely submit a plan to Nasdaq to regain compliance with the Nasdaq Listing Rule 5550(b)(1). However, there can be no assurance that the Company's plan will be accepted or that if it is, the Company will be able to regain compliance and maintain its listing on the Nasdaq Capital Market. If the Company's plan to regain compliance is not accepted or if Nasdaq does not grant an extension until February 18, 2025 and the Company does not regain compliance by October 7,
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. TRAWS PHARMA, Inc. Date: August, 23, 2024 By: /s/ MARK GUERIN Mark Guerin Chief Financial Officer