Xilio Therapeutics Faces Nasdaq Delisting Warning
Ticker: XLO · Form: 8-K · Filed: Sep 13, 2024 · CIK: 1840233
Sentiment: bearish
Topics: delisting, nasdaq, compliance
Related Tickers: XLO
TL;DR
Nasdaq's about to kick Xilio off the exchange if they can't get their stock price above $1 by March.
AI Summary
Xilio Therapeutics, Inc. announced on September 10, 2024, that it received a notification from The Nasdaq Stock Market LLC regarding its failure to meet the minimum bid price requirement for continued listing. The company has 180 calendar days, until March 10, 2025, to regain compliance by achieving a closing bid price of $1.00 or more for at least 10 consecutive business days.
Why It Matters
This delisting warning indicates potential financial distress and could negatively impact investor confidence and the company's ability to raise capital.
Risk Assessment
Risk Level: high — The company is at high risk of being delisted from Nasdaq due to failing to meet the minimum bid price requirement.
Key Numbers
- 180 — calendar days (Timeframe to regain compliance)
- $1.00 — minimum bid price (Requirement for continued listing on Nasdaq)
Key Players & Entities
- Xilio Therapeutics, Inc. (company) — The company filing the 8-K
- The Nasdaq Stock Market LLC (company) — The exchange that issued the delisting warning
- September 10, 2024 (date) — Date of the notification
- March 10, 2025 (date) — Deadline to regain compliance
- $1.00 (dollar_amount) — Minimum bid price required for continued listing
FAQ
What is the specific reason Xilio Therapeutics received a delisting warning?
Xilio Therapeutics received the warning because its stock has not met the minimum bid price requirement for continued listing on The Nasdaq Stock Market LLC.
What is the deadline for Xilio Therapeutics to regain compliance with Nasdaq's listing rules?
The company has until March 10, 2025, to regain compliance.
What action must Xilio Therapeutics take to regain compliance?
Xilio Therapeutics must achieve a closing bid price of $1.00 or more for at least 10 consecutive business days.
What is the company's principal executive office location?
The company's principal executive offices are located at 828 Winter Street, Suite 300, Waltham, Massachusetts 02451.
What is the company's IRS Employer Identification Number?
The company's IRS Employer Identification Number is 85-1623397.
Filing Stats: 869 words · 3 min read · ~3 pages · Grade level 13.7 · Accepted 2024-09-13 16:16:28
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-20240910x8k.htm (8-K) — 44KB
- 0001558370-24-012775.txt ( ) — 165KB
- xlo-20240910.xsd (EX-101.SCH) — 3KB
- xlo-20240910_lab.xml (EX-101.LAB) — 16KB
- xlo-20240910_pre.xml (EX-101.PRE) — 10KB
- xlo-20240910x8k_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 September 10, 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 March 10, 2025) 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 not
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: September 13, 2024 By: /s/ Christopher Frankenfield Christopher Frankenfield Chief Financial Officer and Chief Operating Officer