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NKGen Biotech (Nasdaq: NKGN) has been selected as the preferred stalking horse bidder for NKMax in its court-managed rehabilitation process in South Korea. The proposal includes up to $18 million in committed funding from a third-party investor. Upon closing, expected in 1Q 2025, NKGen would secure global IP rights for troculeucel and other proprietary technologies. This acquisition would allow NKGen and partners to commercialize troculeucel in markets where NK cell therapy is already legal, including Korea and Japan. NKMax currently holds a 25% equity stake in NKGen, and post-acquisition, NKGen and its financing partners expect to hold a majority stake in NKMax.
NKGen Biotech (Nasdaq: NKGN) received a notice from Nasdaq on November 20, 2024, stating non-compliance with listing rules due to delayed filing of Q3 2024 Form 10-Q. The delay stems from additional time needed for internal derivative securities valuation. Nasdaq granted a temporary exception until January 7, 2025, pending the Seoul Bankruptcy Court's decision on NKMax's rehabilitation and NKGen's proposal to acquire majority interest. The company must submit an updated compliance plan following the court's decision. The notice doesn't immediately affect NKGN's Nasdaq Global Market listing, and the company aims to file the Form 10-Q promptly.
NKGen Biotech (Nasdaq: NKGN) has received a standard notice from Nasdaq on August 20, 2024, stating that the company is not in compliance with Nasdaq Listing Rule 5250(c)(1). This is due to the delayed filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2024. The delay is partly attributed to recent changes in the company's independent registered public accounting firm and valuation firm.
NKGen has been given 60 calendar days, until October 21, 2024, to submit a plan to regain compliance. Nasdaq can grant an exception of up to 180 calendar days, until February 18, 2025. The notice has no immediate effect on the listing or trading of NKGen's common stock on the Nasdaq Global Market. The company is actively working to file the Form 10-Q promptly and regain compliance within the given timeframe.
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