Genocea Announces Wind Down of Operations and Delisting From NASDAQ

Rhea-AI Summary

Genocea Biosciences (Nasdaq: GNCA) announced its Board of Directors voted to wind down operations and terminate remaining employees necessary for an orderly shut down. The company delivered notice to Nasdaq regarding its intention to voluntarily delist from the Nasdaq Capital Market, with a Form 25 filing planned around June 2, 2022. This decision follows a notification from Nasdaq that the company failed to meet compliance with Listing Rule 5450(a)(1) due to its common stock closing bid price being below $1.00 for 30 consecutive days.

Positive

• None.

Negative

• Voluntary wind down of operations.
• Termination of remaining employees.
• Intent to voluntarily delist from Nasdaq due to operational shutdown.
• Non-compliance with Nasdaq Listing Rule 5450(a)(1) due to stock price below $1.00 for 30 days.

CAMBRIDGE, Mass., May 24, 2022 (GLOBE NEWSWIRE) -- Genocea Biosciences, Inc. (Nasdaq: GNCA), a biopharmaceutical company developing next-generation neoantigen immunotherapies, announced that its Board of Directors voted to wind down the Company’s ongoing operations and terminate the Company’s remaining employees except those deemed necessary to complete an orderly wind down.

On May 23, 2022, the Company delivered formal notice to The Nasdaq Stock Market, Inc. of its intent to voluntarily delist its Common Stock from the Nasdaq Capital Market in connection with the wind down of its operations. The Company plans to file a Form 25 with the Securities and Exchange Commission on or about June 2, 2022, to effect the voluntary delisting of the Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended.

Also, on May 23, 2022, the Company received a letter from the Nasdaq Listing Qualifications department of Nasdaq notifying the Company that it was not in compliance with the requirement of Nasdaq Marketplace Rule 5450(a)(1) for continued inclusion on The Nasdaq Capital Market as a result of the closing bid price for the Company’s common stock being below $1.00 for 30 consecutive business days.

Investor Contact:
Dan Ferry
617-430-7576
daniel@lifesciadvisors.com   
     
Media Contact:
Sarah O’Connell
soconnell@vergescientific.com

FAQ

What is GNCA's recent press release about?

Genocea Biosciences announced the wind down of operations and plans to voluntarily delist from Nasdaq.

Why is GNCA delisting from Nasdaq?

Genocea is delisting due to the decision to wind down operations and non-compliance with Nasdaq's minimum bid price requirement.

What led to GNCA's decision to wind down operations?

The decision comes after receiving a Nasdaq notification regarding non-compliance with listing rules due to low stock price.

When will GNCA file for delisting?

Genocea plans to file a Form 25 on or about June 2, 2022.

What is the stock price situation for GNCA?

GNCA's stock price has been below $1.00 for 30 consecutive business days, leading to compliance issues.