Passage BIO Faces Delisting Concerns
Ticker: PASG · Form: 8-K · Filed: Jan 31, 2025 · CIK: 1787297
Sentiment: bearish
Topics: delisting, listing-rule-violation, regulatory-filing
TL;DR
Passage BIO might get delisted - big trouble brewing.
AI Summary
Passage BIO, Inc. filed an 8-K on January 31, 2025, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, and a transfer of listing. The earliest event reported was January 29, 2025. The company is incorporated in Delaware and its principal executive offices are located in Philadelphia, PA.
Why It Matters
This filing indicates potential issues with Passage BIO's continued listing on a stock exchange, which could significantly impact its stock price and investor confidence.
Risk Assessment
Risk Level: high — Delisting notices signal severe financial or compliance issues that could lead to the stock becoming illiquid and losing significant value.
Key Players & Entities
- Passage BIO, Inc. (company) — Registrant
- January 29, 2025 (date) — Earliest event reported
- January 31, 2025 (date) — Filing date
- Delaware (jurisdiction) — State of incorporation
- Philadelphia, PA (location) — Principal executive offices
FAQ
What specific listing rule or standard has Passage BIO failed to satisfy?
The filing states that Passage BIO received a notice of delisting or failure to satisfy a continued listing rule or standard, but does not specify which rule or standard was violated.
What is the reason for the transfer of listing mentioned in the filing?
The filing indicates a 'Transfer of Listing' as an item of information, but does not provide the specific reasons or the destination exchange for this transfer.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on January 29, 2025.
What is Passage BIO's primary business according to its SIC code?
Passage BIO's Standard Industrial Classification (SIC) code is 2836, which corresponds to Biological Products (No Diagnostic Substances).
Where are Passage BIO's principal executive offices located?
Passage BIO's principal executive offices are located at One Commerce Square, 2005 Market Street, 39th Floor, Philadelphia, PA 19103.
Filing Stats: 783 words · 3 min read · ~3 pages · Grade level 13.7 · Accepted 2025-01-31 16:06:14
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 Par Value Per Share PASG The Nasdaq S
- $1.00 — of the Company's shares had been below $1.00 per share for the previous 30 consecuti
Filing Documents
- tm254971d1_8k.htm (8-K) — 29KB
- 0001104659-25-008100.txt ( ) — 201KB
- pasg-20250129.xsd (EX-101.SCH) — 3KB
- pasg-20250129_lab.xml (EX-101.LAB) — 33KB
- pasg-20250129_pre.xml (EX-101.PRE) — 22KB
- tm254971d1_8k_htm.xml (XML) — 4KB
01
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed, on August 1, 2024, Passage Bio, Inc. (the " Company ") received a letter from The Nasdaq Stock Market LLC (" Nasdaq ") indicating that the Company was not in compliance with certain of Nasdaq's continued listing requirements, as the closing bid price of the Company's shares had been below $1.00 per share for the previous 30 consecutive business days. The Company was given a period of 180 calendar days, or until January 28, 2025, to regain compliance with the minimum bid price requirement. In response, the Company submitted an application to transfer the listing of its shares from The Nasdaq Global Select Market to The Nasdaq Capital Market. On January 29, 2025, the Nasdaq Listing Qualifications department approved the Company's request to transfer the listing of the Company's shares of common stock from The Nasdaq Global Select Market to The Nasdaq Capital Market. The transfer took effect at the opening of business on January 30, 2025. The transfer of the Company's listing to The Nasdaq Capital Market is not expected to have any immediate effect on trading in shares of the Company's common stock. The Company's shares will continue to trade uninterruptedly under the symbol "PASG." The Nasdaq Capital Market operates in substantially the same manner as The Nasdaq Global Select Market, and companies on The Nasdaq Capital Market must meet certain financial and corporate governance requirements to qualify for continued listing. As a result of the transfer to The Nasdaq Capital Market, Nasdaq granted the Company a second period of 180 calendar days, or until July 28, 2025, to regain compliance with the minimum bid price requirement for continued listing. To regain compliance, the closing bid price of the Company's shares must meet or exceed $1.00 per share for a minimum of 10 consecutive business days on or prior to July 28, 2025. Na