Xilio Therapeutics to be Delisted from Nasdaq Global Select Market
Ticker: XLO · Form: 8-K · Filed: Jan 19, 2024 · CIK: 1840233
Complexity: simple
Sentiment: bearish
Topics: delisting, regulatory-compliance, stock-exchange, biotechnology
TL;DR
**Xilio Therapeutics is getting delisted from Nasdaq due to low share price.**
AI Summary
Xilio Therapeutics, Inc. (XLO) announced on January 19, 2024, that it received a notice from Nasdaq indicating its common stock will be delisted from the Nasdaq Global Select Market. This delisting is due to the company's failure to meet the minimum bid price requirement of $1.00 per share. This matters to investors because delisting often leads to decreased liquidity and investor confidence, potentially making the stock harder to trade and further depressing its value.
Why It Matters
Delisting from a major exchange like Nasdaq can severely impact a stock's liquidity and investor perception, often leading to a significant drop in share price and making it harder for shareholders to sell their stock.
Risk Assessment
Risk Level: high — Delisting from a major exchange significantly increases investment risk due to reduced liquidity and potential further price depreciation.
Analyst Insight
A smart investor would consider the implications of reduced liquidity and potential further price declines, and evaluate their position in Xilio Therapeutics, Inc. given the delisting notice.
Key Numbers
- $1.00 — Minimum Bid Price (The threshold Xilio Therapeutics failed to meet for continued Nasdaq listing.)
Key Players & Entities
- Xilio Therapeutics, Inc. (company) — the registrant facing delisting
- Nasdaq Global Select Market (company) — the stock exchange from which Xilio Therapeutics is being delisted
- $1.00 (dollar_amount) — the minimum bid price requirement
- January 19, 2024 (date) — date of the earliest event reported regarding the delisting notice
Forward-Looking Statements
- Xilio Therapeutics' stock price will likely experience further downward pressure. (Xilio Therapeutics, Inc.) — high confidence, target: Q1 2024
- The company's trading liquidity will significantly decrease post-delisting. (Xilio Therapeutics, Inc.) — high confidence, target: Q1 2024
FAQ
What is the primary reason Xilio Therapeutics, Inc. is being delisted from the Nasdaq Global Select Market?
Xilio Therapeutics, Inc. is being delisted because it failed to satisfy the Nasdaq Global Select Market's continued listing rule requiring a minimum bid price of $1.00 per share.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported in this 8-K filing is January 19, 2024.
What is Xilio Therapeutics, Inc.'s business address?
Xilio Therapeutics, Inc.'s business address is 828 Winter Street, Suite 300, Waltham, Massachusetts, 02451.
What is the company's telephone number?
The company's telephone number is (857) 524-2466.
What is the company's state of incorporation?
Xilio Therapeutics, Inc. is incorporated in Delaware.
Filing Stats: 865 words · 3 min read · ~3 pages · Grade level 13.6 · Accepted 2024-01-19 16:30:28
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share XLO Nasdaq Global Select
- $1.00 — Company's common stock had closed below $1.00 per share, which is the minimum bid pri
Filing Documents
- xlo-20240119x8k.htm (8-K) — 42KB
- 0001558370-24-000383.txt ( ) — 164KB
- xlo-20240119.xsd (EX-101.SCH) — 3KB
- xlo-20240119_lab.xml (EX-101.LAB) — 16KB
- xlo-20240119_pre.xml (EX-101.PRE) — 10KB
- xlo-20240119x8k_htm.xml (XML) — 5KB
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 January 19, 2024, Xilio Therapeutics, Inc. (the "Company") received a deficiency letter (the "Notice") from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the bid price for the Company's common stock had closed below $1.00 per share, which is the minimum bid price required to maintain continued listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1) (the "Minimum Bid Requirement"). The Notice has no immediate effect on the listing of the Company's common stock. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has an initial period of 180 calendar days (which expires on July 17, 2024) to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days during this 180 calendar day period, at which time the Staff will provide written notification to the Company that it complies with the Minimum Bid Requirement, unless the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). If the Company does not regain compliance with the Minimum Bid Requirement during the initial 180 calendar day period, it may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would need to transfer the listing of its common stock to the Nasdaq Capital Market, provided that it meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards of the Nasdaq Capital Market, with the exception of the Minimum Bid Requirement. To effect such a transfer, the Company would also need to pay an application fee to Nasdaq and provide written notice
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. XILIO THERAPEUTICS, INC. Date: January 19, 2024 By: /s/ Chris Frankenfield Chris Frankenfield Chief Operating Officer