Apollomics Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
- None.
- The company's failure to maintain a minimum closing bid price of $1.00 per share may lead to potential delisting from the Nasdaq Capital Market.
Insights
The notification received by Apollomics regarding non-compliance with Nasdaq's Minimum Bid Price Requirement is a significant regulatory concern that warrants close observation. The company's stock price falling below the $1 threshold suggests market skepticism about its current valuation or future prospects. Investors should consider the liquidity risk associated with such stocks and the potential for increased volatility. Moreover, the pressure to regain compliance may lead to strategic financial decisions, such as a reverse stock split, which could affect shareholder value and dilute existing shares. It's also vital to note that failing to regain compliance could result in delisting, which would severely limit the stock's marketability and could trigger a sell-off, further depressing the price.
From a market perspective, Apollomics' situation illustrates the challenges faced by clinical-stage biopharmaceutical companies in maintaining investor confidence. The biotech sector is heavily reliant on milestones such as drug development progress, regulatory approvals and partnership announcements. Without positive news, stocks in this sector can quickly fall out of favor. The company's ability to regain compliance is contingent on its operational performance and market reception to its pipeline developments. Stakeholders should monitor the company's upcoming announcements closely, as any positive clinical trial results or strategic partnerships could positively influence the stock's performance and assist in meeting the Nasdaq's requirements.
In the biotech industry, compliance with stock exchange requirements is not just a financial issue but also a reflection of investor sentiment towards a company's potential to deliver on its pipeline promises. For Apollomics, the challenge lies in advancing its oncology-focused drug pipeline to stages that can reassure investors of future profitability. The short-term implications include the need for immediate strategic actions to boost investor confidence, while long-term implications could involve reassessing the company's research and development strategy. It's crucial to understand that the biotech industry is characterized by high research costs, long development cycles and significant regulatory hurdles, all of which contribute to the financial pressures reflected in stock performance.
Apollomics has an initial 180-day period through July 15, 2024 to regain compliance with Minimum Bid Price Requirement
FOSTER CITY, Calif., Jan. 19, 2024 (GLOBE NEWSWIRE) -- Apollomics Inc. (Nasdaq: APLM) (the “Company”), a clinical-stage biopharmaceutical company developing medicines to address difficult-to-treat cancers, today announced that on January 16, 2024, it received a notification (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with the requirement to maintain a minimum closing bid price of
The Notice has no immediate effect on the listing of the Ordinary Shares, and the Ordinary Shares continue to trade on the Nasdaq Capital Market under the symbol "APLM."
The Notice provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of the Notice, or until July 15, 2024, to regain compliance with the Bid Price Requirement. During this period, the Ordinary Shares will continue to trade on the Nasdaq Capital Market. If at any time before July 15, 2024 the bid price of the Ordinary Shares closes at or above
In the event the Company does not regain compliance by July 15, 2024, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company would be required to 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 Bid Price Requirement. The Company would also be required to 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. 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 would provide notice to the Company that its Ordinary Shares would be subject to delisting. At that time, the Company may appeal the Nasdaq staff’s delisting determination to a Nasdaq Hearings Panel.
The Company intends to actively monitor the closing bid price of its Ordinary Shares and will evaluate available options to regain compliance with the Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Requirement or maintain compliance with any of the other Nasdaq continued listing requirements.
About Apollomics Inc.
Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics currently has a pipeline of nine drug candidates across multiple programs, six of which are currently in the clinical stage of development. Apollomics’ lead programs include vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, and uproleselan (APL-106), a specific E-Selectin antagonist that has the potential to be used adjunctively with standard chemotherapy to treat acute myeloid leukemia.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes statements that constitute “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. All statements, other than statements of present or historical fact included in this press release, regarding the Company’s plans may be forward-looking statements. When used in this press release, the words “could,” “will,” “may,” “intend,” “expect,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the Company’s ability to regain compliance with the Bid Price Requirement and to maintain compliance with any of the other Nasdaq continued listing requirements, and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Annual Report on Form 20-F, filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on April 28, 2023, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the Company can be found in the reports that Apollomics has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date made by the Company. Apollomics undertakes no obligation to update publicly any of its forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law.
CONTACTS
Investor Relations
Peter Vozzo
ICR Westwicke
Peter.Vozzo@westwicke.com
443-213-0505
Media Relations
Sean Leous
ICR Westwicke
Sean.Leous@westwicke.com
646-866-4012
FAQ
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