Aptose Announces Receipt of Deficiency Notice from Nasdaq

Rhea-AI Summary

Aptose Biosciences Inc. (NASDAQ: APTO, TSX: APS), a clinical-stage precision oncology company, has received a deficiency notice from Nasdaq due to its stock price falling below the $1.00 minimum bid requirement for 30 consecutive business days. The company has until January 10, 2025, to regain compliance by maintaining a closing bid price of $1.00 or higher for at least 10 consecutive business days. This notice does not immediately affect Aptose's Nasdaq listing, and its shares continue to trade on both Nasdaq and the Toronto Stock Exchange. If compliance is not achieved by the deadline, Aptose may be granted an additional 180-day period to meet the requirement. The company is monitoring the situation and considering options to address the deficiency.

Positive

• Aptose's common shares continue to trade on Nasdaq and TSX
• Company has 180 days to regain compliance with Nasdaq's minimum bid price requirement
• Possibility of additional 180-day extension if initial compliance period is not met

Negative

• Aptose's stock price has been below $1.00 for 30 consecutive business days
• Risk of potential delisting from Nasdaq if compliance is not achieved
• Company may need to consider options like reverse stock split to meet minimum bid requirement

SAN DIEGO and TORONTO, July 19, 2024 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. (“Aptose” or the “Company”) (NASDAQ: APTO, TSX: APS), a clinical-stage precision oncology company developing highly differentiated oral targeted agents to treat hematologic malignancies, today announced that it has received a deficiency letter (the "Deficiency Letter") from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the last thirty (30) consecutive business days, the closing bid price for the Company's common shares have been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement").

The Deficiency Letter has no immediate effect on the listing of the Company's common shares, and its common shares will continue to trade on The Nasdaq Capital Market under the symbol "APTO" at this time. The Company's common shares continue to trade on the Toronto Stock Exchange ("TSX") under the symbol "APS". The Company's listing on the TSX is independent and will not be affected by the Nasdaq listing status.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given one hundred and eighty (180) calendar days, or until January 10, 2025, to regain compliance with the Minimum Bid Price Requirement. If at any time before January 10, 2025, the bid price of the Company's common shares closes at $1.00 per share or more for a minimum of ten (10) consecutive business days, the Staff will provide written confirmation that the Company has achieved compliance.

If the Company does not regain compliance with the Minimum Bid Price Requirement by January 10, 2025, the Company may be afforded a second one hundred and eighty (180) calendar day period to regain compliance.

The Company intends to monitor the closing bid price of its common shares and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or will otherwise be in compliance with other Nasdaq Listing Rules.

About Aptose

Aptose Biosciences is a clinical-stage biotechnology company committed to developing precision medicines addressing unmet medical needs in oncology, with an initial focus on hematology. The Company's small molecule cancer therapeutics pipeline includes products designed to provide single agent efficacy and to enhance the efficacy of other anti-cancer therapies and regimens without overlapping toxicities. The Company’s lead clinical-stage compound tuspetinib (TUS), is an oral kinase inhibitor that has demonstrated activity as a monotherapy and in combination therapy in patients with relapsed or refractory acute myeloid leukemia (AML), and is being developed as a frontline triplet therapy in newly diagnosed AML. For more information, please visit www.aptose.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Canadian and U.S. securities laws, including statements relating to the Company’s plans, objectives, expectations and intentions and other statements including words such as “continue”, “expect”, “intend”, “will”, “should”, “would”, “may”, and other similar expressions. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors could include, among others: our ability to remain compliant with Nasdaq listing requirements and other risks detailed from time-to-time in our ongoing quarterly filings, annual information forms, annual reports and annual filings with Canadian securities regulators and the United States Securities and Exchange Commission.

Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in our filings with Canadian securities regulators and the United States Securities and Exchange Commission underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law. We cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

For further information, please contact:

Aptose Biosciences Inc.
Susan Pietropaolo
Corporate Communications & Investor Relations
201-923-2049
spietropaolo@aptose.com

FAQ

What is the minimum bid price requirement for Aptose (APTO) to maintain Nasdaq listing?

Aptose (APTO) must maintain a minimum closing bid price of $1.00 per share to comply with Nasdaq's listing requirements.

When is the deadline for Aptose (APTO) to regain compliance with Nasdaq's minimum bid price requirement?

Aptose (APTO) has until January 10, 2025, to regain compliance with Nasdaq's minimum bid price requirement.

What happens if Aptose (APTO) doesn't meet Nasdaq's minimum bid price requirement by the deadline?

If Aptose (APTO) doesn't meet the requirement by January 10, 2025, it may be granted an additional 180-day period to regain compliance, or face potential delisting from Nasdaq.

How can Aptose (APTO) regain compliance with Nasdaq's minimum bid price requirement?

Aptose (APTO) can regain compliance if its closing bid price is $1.00 or higher for a minimum of 10 consecutive business days before the deadline.