BiomX Inc. Announces NYSE American Acceptance of Plan to Regain Listing Compliance

Rhea-AI Summary

BiomX Inc. (NYSE American: PHGE) has received acceptance from the NYSE American for its plan to regain listing compliance. The company, which develops phage therapies targeting specific pathogenic bacteria, was granted until November 23, 2025 to meet the continued listing standards. This follows a deficiency letter received on May 23, 2024, indicating non-compliance with Sections 1003(a)(i), (ii) and (iii) of the NYSE American Company Guide.

CEO Jonathan Solomon expressed satisfaction with the acceptance and stated that BiomX has already begun implementing its plan, including obtaining stockholder approval for converting outstanding Series X Convertible Preferred Stock to Common Stock. During the compliance period, BiomX will undergo periodic reviews by the NYSE American. Failure to regain compliance or make sufficient progress may result in delisting proceedings.

Positive

• NYSE American accepted BiomX's plan to regain listing compliance
• Company granted until November 23, 2025 to meet continued listing standards
• Stockholders approved conversion of Series X Convertible Preferred Stock to Common Stock

Negative

• Company not in compliance with NYSE American continued listing standards
• Risk of delisting if compliance is not regained by November 23, 2025
• Subject to periodic review by NYSE American during the compliance period

GAITHERSBURG, Md., July 29, 2024 (GLOBE NEWSWIRE) -- BiomX Inc. (NYSE American: PHGE) (“BiomX” or the “Company”), a clinical-stage company advancing novel natural and engineered phage therapies that target specific pathogenic bacteria, today announced that it received a notification (the “Acceptance Letter”) from the NYSE American LLC (the “NYSE American”), dated July 23, 2024, stating that the NYSE American has accepted the Company’s previously submitted plan to regain compliance with the NYSE American’s listing standards (the “Plan”). In the Acceptance Letter, the NYSE American confirmed that it has granted the Company until November 23, 2025 (the “Plan Period”) to regain compliance with the continued listing standards. As previously disclosed, on May 23, 2024, BiomX received a deficiency letter from the NYSE American indicating that the Company was not in compliance with the NYSE American continued listing standards set forth in Sections 1003(a)(i), (ii) and (iii) of the NYSE American Company Guide (the “Company Guide”).

“We are pleased the NYSE American has accepted our Plan to regain compliance,” commented Jonathan Solomon, Chief Executive Officer of BiomX. “We intend to take all reasonable measures available to us and have already begun implementing our Plan, including by obtaining stockholders’ approval for conversion of the Company’s outstanding Series X Convertible Preferred Stock to Common Stock, as announced earlier this month.”

During the Plan Period, the Company will be subject to periodic review by the NYSE American on its progress with the goals and initiatives outlined in the Plan. If the Company does not regain compliance with the NYSE American listing standards by November 23, 2025, or if the Company does not make sufficient progress consistent with the Plan during the Plan Period, then NYSE American may initiate delisting proceedings.

The Acceptance Letter has no immediate impact on the listing of the Company’s shares of common stock, par value $0.0001 per share (the “Common Stock”), which will continue to be listed and traded on the NYSE American during the Plan Period, subject to the Company’s compliance with the other listing requirements of the NYSE American. The Common Stock will continue to trade under the symbol “PHGE”. The Acceptance Letter does not affect the Company’s ongoing business operations or its reporting requirements with the Securities and Exchange Commission.

About BiomX
BiomX is a clinical-stage company leading the development of natural and engineered phage cocktails and personalized phage treatments designed to target and destroy harmful bacteria for the treatment of chronic diseases with substantial unmet needs. BiomX discovers and validates proprietary bacterial targets and applies its BOLT (“BacteriOphage Lead to Treatment”) platform to customize phage compositions against these targets. For more information, please visit www.biomx.com, the content of which does not form a part of this press release.

Safe Harbor
This press release contains express or implied “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. For example, when BiomX discusses its expectation to regain compliance with NYSE American Continued Listing Standards, it is using forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on BiomX management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of BiomX’s control. These risks and uncertainties include, but are not limited to, BiomX’s ability to regain compliance with the listing standards set forth in the Company Guide by November 23, 2025. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in BiomX’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 4, 2024, and additional disclosures BiomX makes in its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as provided by law BiomX expressly disclaims any obligation or undertaking to update forward-looking statements.

BiomX, Inc.
Assaf Oron
+97254-2228901
assafo@biomx.com

FAQ

What is BiomX's current status with NYSE American listing?

BiomX (PHGE) has received acceptance from NYSE American for its plan to regain listing compliance, with a deadline of November 23, 2025 to meet the continued listing standards.

Why did BiomX receive a deficiency letter from NYSE American?

BiomX received a deficiency letter on May 23, 2024, indicating non-compliance with Sections 1003(a)(i), (ii) and (iii) of the NYSE American Company Guide, which relate to continued listing standards.

What steps is BiomX taking to regain compliance with NYSE American?

BiomX has begun implementing its compliance plan, including obtaining stockholder approval for converting outstanding Series X Convertible Preferred Stock to Common Stock.

Will BiomX stock (PHGE) continue to trade on NYSE American during the compliance period?

Yes, BiomX stock (PHGE) will continue to trade on NYSE American during the compliance period, subject to the company's adherence to other listing requirements.