Cyclacel Receives Notification of Deficiency From Nasdaq Regarding Timely Filing of Quarterly Report on Form 10-Q

Rhea-AI Summary

Cyclacel Pharmaceuticals, Inc. (CYCC, CYCCP) received a notice of non-compliance from Nasdaq for not filing its quarterly report on time, impacting its compliance with Nasdaq Listing Rule 5250(c)(1). The company has until January 20, 2024, to submit a plan to regain compliance and until May 20, 2024, to actually regain compliance, with no immediate effect on its securities' listing or trading.

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• None.

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• The non-compliance notice from Nasdaq raises concerns about the company's ability to meet regulatory filing deadlines and maintain compliance with listing standards, potentially impacting investor confidence and stock performance.

BERKELEY HEIGHTS, N.J., Nov. 28, 2023 (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 it received a notice of non-compliance from Nasdaq Stock Market LLC (“Nasdaq”) on November 21, 2023 stating that, as a result of not having timely filed its quarterly report on Form 10-Q for the quarter ended September 30, 2023, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the U.S. Securities and Exchange Commission. This notice has no immediate effect on the listing or trading of the Company's securities on Nasdaq.

Under Nasdaq’s listing rules, the Company has 60 calendar days, or until January 20, 2024, to submit a plan to regain compliance. If the plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the Form 10-Q’s due date, or until May 20, 2024, to regain compliance. The Company can regain compliance with Nasdaq’s continued listing standards at any time before such dates by filing the Quarterly Report with the SEC and any other subsequent reports that are required to be filed during the cure period.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Cyclacel Pharmaceuticals, Inc.

Cyclacel is a clinical-stage, biopharmaceutical company developing innovative cancer medicines based on cell cycle, transcriptional regulation, epigenetics and mitosis biology. The transcriptional regulation program is evaluating fadraciclib, a CDK2/9 inhibitor, and the epigenetic/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 press 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 statements regarding, among other things, Cyclacel’s ability to regain compliance with Nasdaq’s 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.

Contacts

Company:	Paul McBarron, (908) 517-7330, pmcbarron@cyclacel.com
Investor Relations:	Grace Kim, IR@cyclacel.com

© Copyright 2023 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel^® are trademarks of Cyclacel Pharmaceuticals, Inc.

FAQ

What notice did Cyclacel Pharmaceuticals, Inc. receive from Nasdaq?

Cyclacel Pharmaceuticals, Inc. received a notice of non-compliance from Nasdaq for not filing its quarterly report on time, impacting its compliance with Nasdaq Listing Rule 5250(c)(1).

What is the ticker symbol for Cyclacel Pharmaceuticals, Inc.?

The ticker symbols for Cyclacel Pharmaceuticals, Inc. are CYCC and CYCCP.

What is the deadline for Cyclacel Pharmaceuticals, Inc. to submit a plan to regain compliance with Nasdaq?

Cyclacel Pharmaceuticals, Inc. has until January 20, 2024, to submit a plan to regain compliance with Nasdaq.

What is the deadline for Cyclacel Pharmaceuticals, Inc. to actually regain compliance with Nasdaq?

Cyclacel Pharmaceuticals, Inc. has until May 20, 2024, to actually regain compliance with Nasdaq.

What is the impact of the notice of non-compliance on Cyclacel Pharmaceuticals, Inc.'s securities listing and trading?

The notice of non-compliance has no immediate effect on Cyclacel Pharmaceuticals, Inc.'s securities listing or trading.

What is the requirement for Cyclacel Pharmaceuticals, Inc. to regain compliance with Nasdaq's listing standards?

Cyclacel Pharmaceuticals, Inc. needs to submit the Quarterly Report with the SEC and any other subsequent reports required to be filed during the cure period to regain compliance with Nasdaq's listing standards.