Cyclacel Pharmaceuticals Confirms It Has Filed an Appeal to Nasdaq Staff Delisting Letter
Cyclacel Pharmaceuticals (NASDAQ: CYCC) has filed an appeal against Nasdaq's delisting letter and requested a hearing before the Nasdaq Hearings Panel, scheduled for October 15, 2024. This action automatically stays any suspension or delisting pending the Panel's decision. The company was found non-compliant with Nasdaq Listing Rule 5550(b)(1) on August 26, 2024, as it reported stockholders' equity below $2.5 million as of June 30, 2024. At the hearing, Cyclacel will present its plan to regain and sustain compliance with the Equity Rule. However, there's no guarantee that the hearing will be successful or that the company will meet continued listing criteria if allowed to remain listed.
Cyclacel Pharmaceuticals (NASDAQ: CYCC) ha presentato un ricorso contro la lettera di delisting di Nasdaq e ha richiesto un'udienza davanti al Nasdaq Hearings Panel, prevista per il 15 ottobre 2024. Questa azione sospende automaticamente qualsiasi sospensione o delisting in attesa della decisione del Panel. L'azienda è stata giudicata non conforme alla Regola di Listing 5550(b)(1) di Nasdaq il 26 agosto 2024, poiché ha riportato un patrimonio netto degli azionisti inferiore a 2,5 milioni di dollari al 30 giugno 2024. Durante l'udienza, Cyclacel presenterà il suo piano per recuperare e mantenere la conformità con la Regola di Patrimonio. Tuttavia, non c'è alcuna garanzia che l'udienza avrà esito positivo o che l'azienda soddisferà i criteri di listing continuato se le verrà consentito di rimanere quotata.
Cyclacel Pharmaceuticals (NASDAQ: CYCC) ha presentado un recurso contra la carta de deslistado de Nasdaq y ha solicitado una audiencia ante el Nasdaq Hearings Panel, programada para el 15 de octubre de 2024. Esta acción suspende automáticamente cualquier suspensión o deslistado mientras se espera la decisión del Panel. La compañía fue considerada no conforme con la Regla de Listado 5550(b)(1) de Nasdaq el 26 de agosto de 2024, ya que reportó un capital contable inferior a 2.5 millones de dólares a fecha del 30 de junio de 2024. En la audiencia, Cyclacel presentará su plan para recuperar y mantener la conformidad con la Regla de Capital. Sin embargo, no hay garantía de que la audiencia sea exitosa o de que la compañía cumpla con los criterios de mantenimiento de listado si se le permite continuar listada.
사이클라셀 제약(Cyclacel Pharmaceuticals)(NASDAQ: CYCC)은 나스닥의 상장 취소 통지에 대한 항소를 제기하고 나스닥 심리 패널(Nasdaq Hearings Panel) 앞에서의 심리를 요청했습니다. 이 심리는 2024년 10월 15일로 예정되어 있습니다. 이 조치는 패널의 결정이 나올 때까지 모든 중단이나 상장 취소를 자동으로 보류합니다. 이 회사는 2024년 8월 26일에 나스닥 상장 규칙 5550(b)(1)에 위반된 것으로 확인되었으며, 2024년 6월 30일 기준으로 주주 자본이 250만 달러 이하인 것으로 보고되었습니다. 청문회에서 사이클라셀은 자본 규칙을 준수하고 지속적으로 유지하기 위한 계획을 제시할 것입니다. 그러나 청문회가 성공할 것이라는 보장이나 해당 회사가 계속 상장 기준을 충족할 것이라는 보장은 없습니다.
Cyclacel Pharmaceuticals (NASDAQ: CYCC) a déposé un recours contre la lettre de radiation de Nasdaq et a demandé une audience devant le Nasdaq Hearings Panel, prévue pour le 15 octobre 2024. Cette action suspend automatiquement toute suspension ou radiation en attente de la décision du Panel. La société a été jugée non conforme à la Règle de Cotation 5550(b)(1) de Nasdaq le 26 août 2024, car elle a déclaré un capital des actionnaires inférieur à 2,5 millions de dollars au 30 juin 2024. Lors de l'audience, Cyclacel présentera son plan pour récupérer et maintenir la conformité avec la Règle de Capital. Cependant, il n'y a aucune garantie que l'audience sera couronnée de succès ou que la société remplira les critères de cotation continue si elle est autorisée à rester cotée.
Cyclacel Pharmaceuticals (NASDAQ: CYCC) hat Berufung gegen das Abmeldeschreiben von Nasdaq eingelegt und eine Anhörung vor dem Nasdaq Hearings Panel beantragt, die für den 15. Oktober 2024 angesetzt ist. Diese Maßnahme setzt automatisch jede Aussetzung oder Abmeldung aus, bis die Entscheidung des Panels vorliegt. Das Unternehmen wurde am 26. August 2024 als nicht compliance mit der Nasdaq Listing Regel 5550(b)(1) befunden, da es zum 30. Juni 2024 ein Eigenkapital von weniger als 2,5 Millionen Dollar berichtete. Bei der Anhörung wird Cyclacel seinen Plan vorstellen, um die Compliance mit der Eigenkapitalregel wiederzuerlangen und aufrechtzuerhalten. Es gibt jedoch keine Garantie, dass die Anhörung erfolgreich sein wird oder dass das Unternehmen die Kriterien für die Fortführung der Listung erfüllen wird, wenn es weiterhin gelistet bleibt.
- Appeal filed against Nasdaq delisting, potentially extending listing period
- Automatic stay of suspension or delisting action pending Panel's decision
- Non-compliance with Nasdaq Listing Rule 5550(b)(1) due to stockholders' equity below $2.5 million
- Risk of potential delisting from Nasdaq
- Uncertainty about ability to regain and sustain compliance with listing requirements
Insights
Cyclacel's appeal against Nasdaq delisting is a critical development that underscores the company's financial challenges. The reported stockholders' equity below
The upcoming hearing on October 15, 2024, is a pivotal moment for Cyclacel. If unsuccessful, delisting could severely impact stock liquidity and valuation. Investors should closely monitor the company's plan to regain compliance, as it will be important for future financial stability. The automatic stay provides a temporary reprieve, but the underlying financial weakness remains a major concern for the company's long-term prospects.
The appeal process initiated by Cyclacel demonstrates the company's proactive approach to maintaining its Nasdaq listing. However, this situation highlights the precarious legal and regulatory position the company finds itself in. The hearing before the Nasdaq Hearings Panel is not just a formality; it requires a robust and convincing plan for compliance.
Investors should be aware that even if Cyclacel succeeds in its appeal, it will likely face ongoing scrutiny and potential additional compliance requirements. The company's ability to navigate this regulatory challenge will be important for its future. The outcome of this hearing could set a precedent for how Nasdaq handles similar cases in the biotech sector, making it a significant event to watch for industry observers.
Cyclacel's delisting appeal reflects broader challenges in the biotech sector, particularly for smaller companies struggling with cash burn and equity positions. This situation could signal a potential trend of increased regulatory pressure on underperforming biotech firms. Investors should view this as a reminder of the high-risk nature of early-stage biotech investments.
The market's reaction to this news will be telling. A successful appeal could lead to a short-term stock price boost, but the underlying financial weaknesses may continue to weigh on investor sentiment. This event underscores the importance of due diligence in assessing not just the scientific potential of biotech companies, but also their financial health and regulatory compliance. It's a wake-up call for investors to scrutinize balance sheets more closely in this sector.
Delisting or suspension action stayed pending the issuance of a final decision
BERKELEY HEIGHTS, N.J., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing innovative medicines based on cancer cell biology, today announced that the Company timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”) and a hearing has been scheduled for October, 15, 2024. The request automatically stays any suspension or delisting action pending the Panel’s decision after the hearing and the expiration of any additional extension period granted by the Panel after the hearing.
As previously reported, on August 26, 2024, the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) determined that Cyclacel Pharmaceuticals, Inc. (the “Company”) was not in compliance with the Nasdaq Listing Rule 5550(b)(1) (the “Equity Rule”) because the Company reported stockholders’ equity of less than
At the hearing, the Company will present its plan for regaining and sustaining compliance with the Equity Rule for continued listing. However, there can be no assurance that a hearing with the Panel will be successful or, if the Panel determines to continue the Company’s listing, that the Company will be able to satisfy the continued listing criteria subsequent to the hearing.
About Cyclacel Pharmaceuticals, Inc.
Cyclacel is a clinical-stage, biopharmaceutical company developing innovative cancer medicines based on cell cycle, transcriptional regulation and mitosis biology. The transcriptional regulation program is evaluating fadraciclib, a CDK2/9 inhibitor, and the anti-mitotic program plogosertib, a PLK1 inhibitor, in patients with both solid tumors and hematological malignancies. Cyclacel's strategy is to build a diversified biopharmaceutical business based on a pipeline of novel drug candidates addressing oncology and hematology indications. For additional information, please visit www.cyclacel.com.
Forward-looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include, among other things, statements related to Cyclacel’s future plans and prospects, Cyclacel’s anticipated cash runway and the planned timing of data results and continued development of fadraciclib. Factors that may cause actual results to differ materially include market and other conditions, the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, trials may have difficulty enrolling, Cyclacel may not obtain approval to market its product candidates, the risks associated with reliance on outside financing to meet capital requirements, the risks associated with reliance on collaborative partners for further clinical trials, development and commercialization of product candidates and Cyclacel’s ability to regain and maintain compliance with Nasdaq’s continued listing requirements. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties the Company faces, please refer to our most recent Annual Report on Form 10-K and other periodic and other filings we file with the Securities and Exchange Commission and are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
| Company: | Paul McBarron, (908) 517-7330, IR@cyclacel.com |
© Copyright 2024 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel® are trademarks of Cyclacel Pharmaceuticals, Inc.
FAQ
Why is Cyclacel Pharmaceuticals (CYCC) facing potential delisting from Nasdaq?
When is Cyclacel Pharmaceuticals' (CYCC) hearing with the Nasdaq Hearings Panel scheduled?
What happens to Cyclacel Pharmaceuticals' (CYCC) listing status while waiting for the Nasdaq hearing?
Is Cyclacel Pharmaceuticals (CYCC) guaranteed to remain listed on Nasdaq after the hearing?
