Passage BIO Faces Delisting Notice
Ticker: PASG · Form: 8-K · Filed: Aug 2, 2024 · CIK: 1787297
Sentiment: bearish
Topics: delisting, listing-rule-violation, compliance
TL;DR
Passage BIO got a delisting notice, stock might be in trouble.
AI Summary
Passage BIO, Inc. filed an 8-K on August 1, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company is incorporated in Delaware and its principal executive offices are located in Philadelphia, PA.
Why It Matters
This filing indicates potential financial distress or non-compliance with stock exchange rules, which could significantly impact the company's stock value and future operations.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a severe risk to investors.
Key Players & Entities
- Passage BIO, Inc. (company) — Registrant
- Delaware (jurisdiction) — State of incorporation
- Philadelphia, PA (location) — Principal executive offices
- August 1, 2024 (date) — Date of earliest event reported
FAQ
What specific listing rule or standard has Passage BIO, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Passage BIO, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is August 1, 2024.
In which state is Passage BIO, Inc. incorporated?
Passage BIO, Inc. is incorporated in Delaware.
What is the address of Passage BIO, Inc.'s principal executive offices?
The address of Passage BIO, Inc.'s principal executive offices is One Commerce Square, 2005 Market Street, 39th Floor, Philadelphia, PA 19103.
What is the registrant's telephone number?
The registrant's telephone number is (267) 866-0311.
Filing Stats: 788 words · 3 min read · ~3 pages · Grade level 13.6 · Accepted 2024-08-02 16:06:00
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 Par Value Per Share PASG The Nasdaq S
- $1.00 — Company's common stock has fallen below $1.00 per share for 30 consecutive business d
Filing Documents
- tm2420762d1_8k.htm (8-K) — 29KB
- 0001104659-24-085360.txt ( ) — 200KB
- pasg-20240801.xsd (EX-101.SCH) — 3KB
- pasg-20240801_lab.xml (EX-101.LAB) — 33KB
- pasg-20240801_pre.xml (EX-101.PRE) — 22KB
- tm2420762d1_8k_htm.xml (XML) — 4KB
01. Notice
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On August 1, 2024, Passage Bio, Inc. (the " Company ") received notice (the " Notice ") from the Listing Qualifications staff of the Nasdaq Stock Market LLC (" Nasdaq ") that, because the closing bid price for the Company's common stock has fallen below $1.00 per share for 30 consecutive business days, the Company no longer complies with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1). The Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Global Select Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until January 28, 2025, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to January 28, 2025. If the Company does not regain compliance by January 28, 2025, the Company may be eligible for an additional 180 calendar day grace period if it applies to transfer the listing of its common stock to the Nasdaq Capital Market. To qualify, the Company would be required to meet the continued listing requirement for the market value of its publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the minimum bid price requirement, and provide written notice of its intention to cure the minimum bid price deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Nasdaq staff determines that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for such additional compliance period, Nasdaq will provide notice that the Company's common stock will be sub