MiNK Therapeutics Faces Nasdaq Delisting Warning
Ticker: INKT · Form: 8-K · Filed: Feb 29, 2024 · CIK: 1840229
Sentiment: bearish
Topics: delisting, nasdaq, compliance
Related Tickers: INKT
TL;DR
Nasdaq's about to kick MiNK Therapeutics off the exchange if they can't get their stock price above $1 ASAP.
AI Summary
MiNK Therapeutics, Inc. received a notice on February 23, 2024, indicating it failed to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company has 180 days to regain compliance, which requires its securities to close at $1.00 or more for a minimum of 10 consecutive business days.
Why It Matters
Failure to meet listing requirements could lead to delisting from Nasdaq, significantly impacting the company's liquidity and investor confidence.
Risk Assessment
Risk Level: high — The company is at high risk due to receiving a delisting warning from Nasdaq for failing to meet the minimum bid price requirement.
Key Numbers
- $1.00 — Minimum Bid Price (Requirement to remain listed on Nasdaq)
Key Players & Entities
- MiNK Therapeutics, Inc. (company) — Registrant
- Nasdaq Capital Market (company) — Listing Exchange
- $1.00 (dollar_amount) — Minimum bid price requirement
- February 23, 2024 (date) — Date of notice
FAQ
What is the specific reason for the delisting notice?
MiNK Therapeutics, Inc. received the notice because it failed to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
What is the minimum bid price required by Nasdaq?
The minimum bid price required by Nasdaq is $1.00.
How much time does MiNK Therapeutics have to regain compliance?
The company has 180 days from the date of the notice (February 23, 2024) to regain compliance.
What action must MiNK Therapeutics take to regain compliance?
MiNK Therapeutics must ensure its securities close at $1.00 or more for a minimum of 10 consecutive business days.
What was MiNK Therapeutics' former company name?
MiNK Therapeutics, Inc.'s former company name was AgenTus Therapeutics, Inc.
Filing Stats: 880 words · 4 min read · ~3 pages · Grade level 12.6 · Accepted 2024-02-29 16:05:25
Key Financial Figures
- $0.00001 — ch registered Common Stock, par value $0.00001 per share INKT The Nasdaq Stock Mar
- $35.0 m — isted Securities ("MVLS") was less than $35.0 million, as required by Nasdaq Listing Ru
- $35.0 million — the Company's MVLS must meet or exceed $35.0 million for a minimum of ten consecutive tradin
- $0.0001 — Company that its Class A common stock, $0.0001 par value per share (the "Common Stock"
- $1 m — mmon Stock"), failed to comply with the $1 minimum bid price required for continued
- $1.00 — rice of the Common Stock meet or exceed $1.00 per share for a minimum of ten consecut
Filing Documents
- inkt-20240223.htm (8-K) — 40KB
- 0000950170-24-023061.txt ( ) — 155KB
- inkt-20240223.xsd (EX-101.SCH) — 25KB
- inkt-20240223_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. Nasdaq MVLS Notice On February 23, 2024, MiNK Therapeutics, Inc. (the "Company") received a letter (the "MVLS Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying it that for the previous 30 consecutive trading days the Company's Minimum Value of Listed Securities ("MVLS") was less than $35.0 million, as required by Nasdaq Listing Rule 5550(b)(2) (the "MVLS Rule"). Nasdaq has provided the Company with 180 calendar days, or until August 21, 2024, to regain compliance. To regain compliance, the Company's MVLS must meet or exceed $35.0 million for a minimum of ten consecutive trading days. In the event the Company does not regain compliance with the MVLS Rule prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel. The Company will continue to monitor its MVLS and consider its available options to regain compliance with the MVLS Rule. However, there can be no assurance that the Company will be able to regain compliance with the MVLS Rule . Nasdaq Minimum Bid Price Notice On February 26, 2024, the Company received a letter (the "Minimum Bid Price Notice") from Nasdaq notifying the Company that its Class A common stock, $0.0001 par value per share (the "Common Stock"), failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule") based upon the closing bid price of the Common Stock for the 30 consecutive trading days prior to the date of the Minimum Bid Price Notice from Nasdaq. The Company has been provided an initial compliance period of 180 calendar days, or until August 26, 2024, to regain compliance with the Minimum Bid Price
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. Date: February 29, 2024 By: /s/ Jennifer Buell, Ph.D. Jennifer Buell, Ph.D., CEO