Selecta Biosciences Inc.
01/19/2024 | Press release | Distributed by Public on 01/19/2024 15:13
Failure to Satisfy Listing Rule - Form 8-K
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On January 17, 2024, Cartesian Therapeutics, Inc. (the "Company") received a notice from the Nasdaq Listing Qualifications staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, because the closing bid price for the Company's common stock, par value $0.0001 per share (the "Common Stock"), has fallen below $1.00 per share for 30 consecutive business days, the Company no longer meets the minimum bid price requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5450(a)(1). The notification from Nasdaq has no immediate effect on the listing of the Company's Common Stock.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a grace period of 180 calendar days, or until July 15, 2024, to regain compliance with the minimum closing bid price requirement for continued listing. To regain compliance, the closing bid price of the Company's Common Stock must meet or exceed $1.00 per share for at least ten consecutive business days during this 180-day grace period. If the Company does not regain compliance with Rule 5450(a)(1) by July 15, 2024, the Company may be eligible for an additional 180-calendar day compliance period.
To qualify for the additional 180-calendar day compliance period, the Company would be required to transfer the listing of the Common Stock from The Nasdaq Global Market to The Nasdaq Capital Market and meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement, and provide written notice to Nasdaq of its intent to cure the deficiency during this second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that the Common Stock will be subject to delisting.
The Company intends to monitor the closing bid price of the Common Stock and seek to regain compliance with all applicable Nasdaq requirements within the allotted compliance periods. The Company also intends to consider its available options in the event that the closing bid price of the Common Stock remains below $1.00 per share for an extended period of time. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other listing requirements.