NKGen Biotech, Inc. to Transition from the Nasdaq Global Market to OTC Markets; Reverse Stock Split will not be Implemented
NKGen Biotech (NKGN) announced its delisting from Nasdaq Global Market effective March 4, 2025, due to non-compliance with market value requirements. The company will transition to OTC Markets starting March 5, 2025, trading under symbols 'NKGN' for common stock and 'NKGNW' for warrants.
The company has cancelled its previously planned 1-for-6 reverse stock split and intends to apply for the OTCQX platform, maintaining SEC reporting compliance. NKGen's Phase 2a Alzheimer's trial enrollment is expected to complete by Q2 end, with initial readout planned for late 2025.
Despite challenges related to their former parent company NKMAX's financial restructuring, NKGen highlighted progress in their Alzheimer's program, including FDA Fast Track designation, Phase 1 results publication, and presentations at major conferences in 2024. The company aims to eventually re-list on Nasdaq once meeting listing requirements.
NKGen Biotech (NKGN) ha annunciato il suo delisting dal Nasdaq Global Market a partire dal 4 marzo 2025, a causa della non conformità ai requisiti di valore di mercato. L'azienda passerà ai mercati OTC a partire dal 5 marzo 2025, negoziando con i simboli 'NKGN' per le azioni ordinarie e 'NKGNW' per i warrant.
L'azienda ha annullato il precedente piano di frazionamento azionario inverso 1-per-6 e intende fare domanda per la piattaforma OTCQX, mantenendo la conformità con i report SEC. L'arruolamento per il trial di Fase 2a sull'Alzheimer di NKGen è previsto per completarsi entro la fine del secondo trimestre, con una lettura iniziale pianificata per la fine del 2025.
Nonostante le sfide legate alla ristrutturazione finanziaria della loro ex società madre NKMAX, NKGen ha evidenziato progressi nel loro programma sull'Alzheimer, inclusa la designazione Fast Track della FDA, la pubblicazione dei risultati della Fase 1 e presentazioni a importanti conferenze nel 2024. L'azienda mira a ri-listarsi infine al Nasdaq una volta soddisfatti i requisiti di quotazione.
NKGen Biotech (NKGN) anunció su exclusión del Nasdaq Global Market a partir del 4 de marzo de 2025, debido a la falta de cumplimiento con los requisitos de valor de mercado. La empresa pasará a los Mercados OTC a partir del 5 de marzo de 2025, negociando bajo los símbolos 'NKGN' para acciones comunes y 'NKGNW' para warrants.
La compañía ha cancelado su plan previamente establecido de una división de acciones inversa 1 por 6 y tiene la intención de solicitar la plataforma OTCQX, manteniendo el cumplimiento de los informes de la SEC. Se espera que la inscripción en el ensayo de Fase 2a sobre el Alzheimer de NKGen se complete para finales del segundo trimestre, con una lectura inicial programada para finales de 2025.
A pesar de los desafíos relacionados con la reestructuración financiera de su antigua empresa matriz NKMAX, NKGen destacó el progreso en su programa sobre el Alzheimer, incluida la designación Fast Track de la FDA, la publicación de resultados de la Fase 1 y presentaciones en conferencias importantes en 2024. La empresa tiene como objetivo eventualmente volver a listar en Nasdaq una vez que cumpla con los requisitos de cotización.
NKGen Biotech (NKGN)는 2025년 3월 4일부터 Nasdaq Global Market에서 상장 폐지된다고 발표했습니다. 이는 시장 가치 요구 사항을 준수하지 않기 때문입니다. 이 회사는 2025년 3월 5일부터 OTC 시장으로 전환하며, 보통주에 대해서는 'NKGN', 워런트에 대해서는 'NKGNW' 기호로 거래될 예정입니다.
회사는 이전에 계획된 1대 6의 주식 분할을 취소하고 OTCQX 플랫폼에 신청할 계획이며, SEC 보고 준수를 유지할 것입니다. NKGen의 알츠하이머 2a상 임상 시험 등록은 2분기 말까지 완료될 것으로 예상되며, 초기 결과 발표는 2025년 말로 예정되어 있습니다.
전 모회사인 NKMAX의 재무 구조 조정과 관련된 어려움에도 불구하고, NKGen은 알츠하이머 프로그램의 진행 상황을 강조했습니다. 여기에는 FDA의 패스트 트랙 지정, 1상 결과 발표, 2024년 주요 회의에서의 발표가 포함됩니다. 이 회사는 상장 요건을 충족한 후 결국 Nasdaq에 재상장할 계획입니다.
NKGen Biotech (NKGN) a annoncé son retrait du Nasdaq Global Market à compter du 4 mars 2025, en raison de son non-respect des exigences de valeur de marché. L'entreprise passera aux marchés OTC à partir du 5 mars 2025, négociant sous les symboles 'NKGN' pour les actions ordinaires et 'NKGNW' pour les bons de souscription.
L'entreprise a annulé son plan de fractionnement d'actions inversé 1 pour 6 et envisage de demander la plateforme OTCQX, tout en maintenant la conformité avec les rapports de la SEC. L'inscription à l'
Malgré les défis liés à la restructuration financière de leur ancienne société mère NKMAX, NKGen a mis en avant des progrès dans son programme sur l'Alzheimer, y compris la décision Fast Track de la FDA, la publication des résultats de la Phase 1 et des présentations lors de grandes conférences en 2024. L'entreprise vise à se réinscrire au Nasdaq une fois les exigences de cotation remplies.
NKGen Biotech (NKGN) gab bekannt, dass es am 4. März 2025 von der Nasdaq Global Market ausgeschlossen wird, da es die Anforderungen an den Marktwert nicht erfüllt. Das Unternehmen wird ab dem 5. März 2025 zu den OTC-Märkten wechseln und unter den Symbolen 'NKGN' für Stammaktien und 'NKGNW' für Warrants handeln.
Das Unternehmen hat die zuvor geplante 1-zu-6-Rückwärtsaktienaufteilung abgesagt und beabsichtigt, sich für die OTCQX-Plattform zu bewerben, während es die SEC-Berichtspflichten einhält. Die Einschreibung für die Phase 2a-Alzheimer-Studie von NKGen wird voraussichtlich bis Ende des zweiten Quartals abgeschlossen sein, mit einer ersten Ergebnisveröffentlichung, die für Ende 2025 geplant ist.
Trotz der Herausforderungen im Zusammenhang mit der finanziellen Umstrukturierung des ehemaligen Mutterunternehmens NKMAX hob NKGen Fortschritte in ihrem Alzheimer-Programm hervor, einschließlich der FDA Fast Track-Zulassung, der Veröffentlichung der Ergebnisse der Phase 1 und Präsentationen auf wichtigen Konferenzen im Jahr 2024. Das Unternehmen hat das Ziel, sich erneut an der Nasdaq zu listen, sobald die Zulassungsvoraussetzungen erfüllt sind.
- FDA Fast Track designation received for Alzheimer's treatment
- Phase 1 results published in Alzheimer's Research & Therapy
- Regained SEC reporting compliance
- Phase 2a Alzheimer's trial progressing with readout expected in 2025
- Delisted from Nasdaq Global Market
- Failed to meet minimum market value requirements
- Downgrade to OTC Markets trading
- Financial challenges due to parent company NKMAX restructuring
Insights
NKGen Biotech's delisting from Nasdaq to OTC Markets represents a significant negative development for investor accessibility and liquidity. This transition, triggered by the company's failure to meet the minimum market value requirements, will likely result in reduced institutional investment interest and potentially more volatile trading patterns.
The cancellation of the previously planned 1-for-6 reverse stock split is a double-edged sword. While avoiding immediate dilution concerns, it indicates the company is accepting its sub-dollar share price rather than artificially adjusting it to meet exchange requirements. At
The company's mention of "significant challenges" related to its former parent company's financial restructuring hints at deeper financial constraints. While NKGen has regained SEC reporting compliance, this transition to OTC Markets significantly impacts the stock's investment profile, potentially limiting access to capital at a critical stage when funding is needed for their ongoing Phase 2a Alzheimer's trial.
Despite operational progress including FDA Fast Track designation and promising early data presented at major conferences, this delisting creates substantial headwinds for securing the financing necessary to advance their NK cell therapy through clinical development. Investors should closely monitor the company's ability to maintain adequate funding for completing their key clinical milestones in 2025.
NKGen's NK cell platform technology maintains scientific credibility despite financial setbacks. Their autologous NK cell approach for Alzheimer's represents an innovative mechanism targeting neuroinflammation, distinct from traditional amyloid or tau-focused therapies. The FDA Fast Track designation validates the potential significance of this approach and could accelerate development timelines if clinical data continues to support efficacy.
The timeline for completion of Phase 2a enrollment by Q2 2025 with preliminary readout by year-end remains on track, suggesting operational execution of the clinical program hasn't been derailed by financial challenges. This is important as positive Phase 2a data could become a catalyst for partnership opportunities or improved financing terms.
The company's presentations at major Alzheimer's conferences (AAIC and CTAD) and publication in Alzheimer's Research & Therapy indicate peer recognition of their scientific approach. Their focus on using enhanced NK cells to improve proteins and reduce neuroinflammation represents a differentiated mechanism in the neurodegeneration space.
However, the financial constraints implied by the delisting create uncertainty around the company's ability to fully execute its clinical development plan. Small biotechs typically require substantial capital to complete rigorous clinical studies, particularly in complex indications like Alzheimer's. While the science appears promising, investors should weigh this against NKGen's constrained financial position and diminished access to capital markets following the Nasdaq delisting.
- Trading commencing on the OTC Markets on March 5, 2025.
- Trading expected to continue under ticker symbol “NKGN” for common stock and “NKGNW” for warrants.
- NKGen Biotech, Inc. (“NKGen” or the “Company”) has regained compliance on its public reporting obligations with the filing of its most recent quarterly report on Form 10-Q on March 4, 2025; and intends to continue complying with all Securities and Exchange (“SEC”) reporting requirements.
- The Company has cancelled its previously announced 1-for-6 reverse stock split.
- Enrollment in randomized Phase 2a Alzheimer’s trial is expected to be completed by the end of Q2 with an initial readout planned for later in 2025.
SANTA ANA, Calif., March 04, 2025 (GLOBE NEWSWIRE) -- NKGen Biotech, Inc. (Nasdaq: NKGN), a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic natural killer (“NK”) cell therapeutics, today announced that on March 3, 2025 it received notice that the Nasdaq Hearings Panel determined to delist the Company’s common stock from the Nasdaq Global Market after the close of trading on March 4, 2025, solely due to the Company’s continued failure to comply with Rule 5450(b)(2)(A) of Nasdaq’s Listing Requirements, related to the market value of its common stock. After delisting from Nasdaq, the Company expects that the common stock will be traded on a market operated by the OTC Markets Group, Inc. commencing on March 5, 2025. The Company intends to apply to trade on the OTCQX platform, the highest OTC tier, which requires ongoing compliance with SEC public reporting requirements. After initial trading on OTC Pink in a short transition period, NKGen’s common stock and warrants are expected to begin trading on the OTCQX platform under the same ticker symbols, “NKGN” for shares of common stock and “NKGNW” for warrants.
With the move away from Nasdaq and its minimum bid price requirement, the Company will not implement the previously announced 1-for-6 reverse stock split.
“Our Company has navigated significant challenges this past year, mostly related to the financial restructuring of our former parent company in South Korea, NKMAX, Co. Ltd.,” said Paul Y. Song, M.D., Chairman and Chief Executive Officer of NKGen. “Despite these obstacles, our science and clinical data have remained a consistent source of strength. While initially met with skepticism, our innovative approach using one’s own enhanced NK cells to improve proteins and reduce neuroinflammation in Alzheimer’s patients and other neurodegenerative diseases has gained significant traction. We’ve presented promising data at major Alzheimer’s focused medical conferences, Alzheimer’s Association International Conference (AAIC) and Clinical Trials on Alzheimer’s Disease (CTAD) in 2024, received U.S. FDA Fast Track designation, published our Phase 1 results in Alzheimer’s Research & Therapy, and attracted growing interest and support. We continue to work on funding the business to support our Phase 2 clinical trial, with the goal of achieving the necessary data and milestones towards obtaining accelerated approval. We remain intently focused on completing enrollment in our randomized Phase 2a Alzheimer’s clinical trial with an expected preliminary readout by year-end, and we look forward to resuming trading on Nasdaq once we are able to meet the necessary listing requirements and apply again.”
NKGen Interim Chief Financial Officer James Graf added, “We look forward to continued support from our stockholders and active liquidity in our shares trading on the OTC Markets until we can re-list on Nasdaq. We do not expect this transition to materially affect our ongoing financing discussions, especially as we intend to maintain SEC reporting obligations and do not have to proceed with the previously announced reverse stock split.”
About NKGen Biotech
NKGen is a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic NK cell therapeutics. NKGen is headquartered in Santa Ana, California, USA. For more information, please visit www.nkgenbiotech.com.
Forward-Looking Statements
Statements contained in this press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Because such statements are subject to risks and uncertainties, many of which are outside of the Company’s control, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the Company’s plans and expected timing for developing troculeucel and SNK02, including the expected timing of completing and announcing further results from its ongoing clinical studies; and the Company’s expected timing for developing its product candidates and potential benefits of its product candidates. Risks that contribute to the uncertain nature of the forward-looking statements include: the Company’s ability to execute its plans and strategies; risks related to performing clinical studies; the risk that initial and interim results of a clinical study do not necessarily predict final results and that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, and as more patient data become available; potential delays in the commencement, enrollment and completion of clinical studies and the reporting of data therefrom; the risk that studies will not be completed as planned; the risk that the abstract will not be published as planned including delays in timing, format, or accessibility; and NKGen’s ability to raise additional funding to complete the development of its product candidates. These and other risks and uncertainties are described more fully under the caption “Risk Factors” and elsewhere in the Company’s filings and reports, which may be accessed for free by visiting the Securities and Exchange Commission’s website at www.sec.gov and on the Company’s website under the subheading “Investors—Financial and Filings”. Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Internal Contact:
Denise Chua, MBA, CLS, MLS (ASCP)
SVP, Corporate Affairs
949-396-6830
dchua@nkgenbiotech.com
FAQ
When will NKGN stock begin trading on OTC Markets?
Why is NKGN being delisted from Nasdaq?
What is the status of NKGN's Alzheimer's clinical trial?
Will NKGN proceed with its announced reverse stock split?
