Akari Therapeutics Faces Nasdaq Delisting Warning

TL;DR

Nasdaq warning for AKTX: bid price too low, need $1+ for 10 days by April '25 or get booted.

AI Summary

Akari Therapeutics Plc announced on October 1, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules due to a bid price below $1.00. The company has until April 1, 2025, to regain compliance by maintaining a minimum bid price of $1.00 for at least 10 consecutive business days.

Why It Matters

This delisting warning could negatively impact Akari's stock liquidity and investor confidence, potentially affecting its ability to raise capital.

Risk Assessment

Risk Level: medium — The company is at risk of delisting from Nasdaq if it cannot meet the minimum bid price requirement within the specified timeframe.

Key Numbers

• $1.00 — Minimum Bid Price (Required to maintain Nasdaq listing)
• 10 — Consecutive Business Days (Duration for minimum bid price compliance)
• April 1, 2025 — Compliance Deadline (Latest date to meet listing requirements)

Key Players & Entities

• Akari Therapeutics Plc (company) — Registrant
• Nasdaq Stock Market (company) — Listing Exchange
• October 1, 2024 (date) — Notice Date
• April 1, 2025 (date) — Compliance Deadline
• $1.00 (dollar_amount) — Minimum Bid Price Requirement

FAQ

Key Financial Figures

• $0.0001 — tal Market Ordinary Shares, par value $0.0001 per share* *Trading, but only in conn
• $2,500,000 — that it did not comply with the minimum $2,500,000 stockholders' equity requirement for co

Filing Documents

• aktx-20241001.htm (8-K) — 57KB
• 0000950170-24-112930.txt ( ) — 270KB
• aktx-20241001.xsd (EX-101.SCH) — 91KB
• aktx-20241001_htm.xml (XML) — 6KB

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. As previously disclosed, on April 5, 2024, Akari Therapeutics, Plc (the "Company") received a letter from the Listing Qualifications Staff (the "Staff") of The Nasdaq Capital Market ("Nasdaq") indicating that it did not comply with the minimum $2,500,000 stockholders' equity requirement for continued listing set forth in Listing Rule 5550(b) (the "Stockholders' Equity Requirement") (the "Original Notice"). At that time, the Company was provided 45 days to submit a compliance plan to regain compliance with the Stockholders' Equity Requirement. On May 20, 2024, the Company submitted a plan to regain compliance with the Stockholders' Equity Requirement (the "Compliance Plan") for the Staff's consideration. On August 5, 2024, the Company was notified by the Staff that it had been granted an extension until September 30, 2024 to comply with the Compliance Plan and evidence compliance with the Stockholders' Equity Requirement. On October 1, 2024, the Company received a delisting determination letter ("Delisting Determination Letter") from the Staff notifying the Company that it did not meet the terms of an extension granted by Nasdaq to regain compliance with the Stockholders' Equity Requirement. The Delisting Determination Letter states that unless the Company requests a hearing before a Nasdaq Hearing Panel ("Panel") by October 8, 2024, trading of the Company's American Depositary Shares ("ADSs") will be suspended. Accordingly, the Company intends to request a hearing before the Panel, which request will automatically stay any suspension/delisting action by the Staff at least until the hearing process concludes and any extension granted by the Panel expires. The Company expects that it will regain compliance with the Stockholders' Equity Requirement upon closing of its pending merger with Peak Bio, Inc. ("Peak Bio"). There can be no assurance that the C

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), about Akari. Actual events or results may differ materially from these forward-looking statements. Words such as "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "future," "opportunity" "will likely result," "target," variations of such words, and similar expressions or negatives of these words are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on Akari's and Peak Bio's current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. A number of important factors, including those described in this communication, could cause actual results to differ materially from those contemplated in any forward-looking statements. Factors that may affect future results and may cause these forward-looking statements to be inaccurate include, without limitation: uncertainties as to the timing for completion of the Merger; uncertainties as to Peak Bio's and/or Akari's ability to obtain the approval of Akari's shareholders or Peak Bio's stockholders required to consummate the Merger the possibility that competing offers will be made by third parties the occurrence of events that may give rise to a right of one or both of Akari and Peak Bio to terminate the Merger Agreement; the possibility that various closing conditions for the proposed Merger may not be satisfied or waived on a timely basis or at all, including the possibility that a governmental entity may prohibit, delay, or refuse to grant approval, if required, for the c

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. Akari Therapeutics, Plc Date: October 4, 2024 By: /s/ Samir R. Patel, M.D. Samir R. Patel, M.D. Interim President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR