TransCode Therapeutics Open Letter to Shareholders
TransCode Therapeutics (NASDAQ: RNAZ) has issued an open letter to shareholders regarding an upcoming Special Meeting on November 22. The company is seeking shareholder authorization for a potential reverse stock split to maintain Nasdaq listing compliance. The split would only be implemented if the stock fails to maintain a $1.00 per share closing price for any ten-day period before December 31, 2024.
Management emphasizes this measure is important for maintaining Nasdaq listing, which they consider critical for raising needed capital to continue clinical trials and operations. The company warns that delisting would likely have a material adverse effect on company and stock value.
TransCode Therapeutics (NASDAQ: RNAZ) ha inviato una lettera aperta agli azionisti riguardo a un'imminente Assemblea Straordinaria il 22 novembre. L'azienda sta cercando l'autorizzazione degli azionisti per un potenziale frazionamento inverso delle azioni per mantenere la conformità con le normative del Nasdaq. Il frazionamento sarà attuato solo se l'azione non riesce a mantenere un prezzo di chiusura di $1,00 per azione per un periodo di dieci giorni prima del 31 dicembre 2024.
La direzione sottolinea che questa misura è importante per mantenere la quotazione del Nasdaq, che considerano fondamentale per raccogliere il capitale necessario a continuare le sperimentazioni cliniche e le operazioni. L'azienda avverte che la delisting avrebbe probabilmente un effetto materiale negativo sul valore della società e delle azioni.
TransCode Therapeutics (NASDAQ: RNAZ) ha emitido una carta abierta a los accionistas sobre una próxima Junta Especial el 22 de noviembre. La compañía busca la autorización de los accionistas para una posible agrupación inversa de acciones para mantener el cumplimiento de la cotización en Nasdaq. La agrupación solo se implementará si la acción no logra mantener un precio de cierre de $1.00 por acción durante un período de diez días antes del 31 de diciembre de 2024.
La dirección enfatiza que esta medida es importante para mantener la cotización en Nasdaq, la cual consideran crítica para recaudar el capital necesario para continuar los ensayos clínicos y las operaciones. La compañía advierte que la exclusión de la bolsa probablemente tendría un efecto adverso material en el valor de la empresa y de las acciones.
TransCode Therapeutics (NASDAQ: RNAZ)는 11월 22일에 예정된 특별 회의와 관련하여 주주들에게 공개 서한을 발송했습니다. 회사는 나스닥 상장 요건을 유지하기 위해 가능한 주식 분할에 대한 주주의 승인을 요청하고 있습니다. 주식 가격이 2024년 12월 31일 이전의 어느 10일 기간 동안 주당 $1.00의 종가를 유지하지 못할 경우에만 분할이 시행됩니다.
경영진은 이 조치가 나스닥 상장을 유지하는 데 중요하다고 강조하며, 이는 임상 시험 및 운영을 계속하기 위해 필요한 자본을 모으는 데 필수적입니다. 회사는 상장 폐지가 기업 및 주식 가치에 실질적인 부정적 영향을 미칠 것이라고 경고합니다.
TransCode Therapeutics (NASDAQ: RNAZ) a émis une lettre ouverte aux actionnaires concernant une prochaine Assemblée Spéciale le 22 novembre. La société cherche à obtenir l'autorisation des actionnaires pour un éventuel regroupement d'actions inversé afin de maintenir la conformité à l'inscription au Nasdaq. Ce regroupement ne serait mis en œuvre que si l'action ne parvient pas à maintenir un prix de clôture de 1,00 $ par action pendant une période de dix jours avant le 31 décembre 2024.
La direction souligne que cette mesure est importante pour maintenir l'inscription au Nasdaq, qu'elle considère comme essentielle pour lever le capital nécessaire à la poursuite des essais cliniques et des opérations. L'entreprise avertit que la radiation pourrait avoir un impact matériellement négatif sur la valeur de l'entreprise et de ses actions.
TransCode Therapeutics (NASDAQ: RNAZ) hat einen offenen Brief an die Aktionäre bezüglich einer bevorstehenden Sonderversammlung am 22. November veröffentlicht. Das Unternehmen sucht die Genehmigung der Aktionäre für einen möglichen Reverse-Aktienteil, um die Einhaltung der Nasdaqliste zu wahren. Der Teilungsplan würde nur umgesetzt, wenn die Aktie in einem Zeitraum von zehn Tagen vor dem 31. Dezember 2024 keinen Schlusskurs von $1,00 pro Aktie halten kann.
Das Management betont, dass diese Maßnahme wichtig für die Einhaltung der Nasdaq-Listung ist, die sie als entscheidend erachten, um das notwendige Kapital für die Fortsetzung klinischer Studien und der Unternehmensabläufe zu gewinnen. Das Unternehmen warnt, dass eine Delistung wahrscheinlich erhebliche negative Auswirkungen auf den Unternehmens- und Aktienwert haben würde.
- None.
- Company at risk of Nasdaq delisting due to non-compliance with minimum bid price
- Urgent need to raise additional capital for clinical trials and operations
- Potential reverse stock split may be necessary, which typically indicates financial distress
- Management admits uncertainty about positive news occurrence or its impact on stock price
Insights
This corporate action request for a potential reverse stock split reflects TransCode Therapeutics' critical situation. With the stock trading well below
A reverse split would artificially increase the share price by reducing the number of outstanding shares, but wouldn't change the company's fundamental value or market cap. The key concern is that delisting would severely impact their ability to raise capital and likely lead to reduced liquidity and institutional interest. Trading on the OTC markets typically results in wider spreads, less visibility and challenges in attracting new investors.
BOSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) -- The Board and Management of TransCode Therapeutics (NASDAQ: RNAZ) today issued the following open letter to shareholders of the Company:
Dear Shareholders,
At our upcoming Special Meeting to be held November 22, shareholders are being asked to authorize our Board of Directors to effect a reverse split — only if the Board determines that doing so is necessary as described below.
Many shareholders rightly ask why this request. Some believe that the potential announcement of additional positive clinical data or other good news will favorably impact our stock price. However, there is no assurance that any good news will occur, will occur by the deadline required, or that the stock will rise after any such positive announcement(s).
A reverse split is NOT something directors or management wishes to do — we all hope it won’t be needed. But the Nasdaq Hearings Panel that approved the extension to continue our Nasdaq listing did so on the condition that our shareholders authorize a reverse split — should one be necessary. The reverse split will not be necessary if our stock closes at
If our stock does not meet this Nasdaq requirement, and we do not have your vote in favor of the reverse split, Nasdaq will delist our stock. A Nasdaq delisting would in all likelihood have a material adverse effect on the value of our company and the value of your stock.
Our assessment boils down to this: your vote is your decision about whether you support our efforts to maintain our Nasdaq listing. Given our need to raise additional capital as soon as possible to continue the clinical trial and other operations, we believe having our stock remain on Nasdaq is critical to raising the needed capital.
TransCode’s management and directors are unanimously determined to maintain our Nasdaq listing. This is why we need you to authorize the reverse split, with all of us hoping that we will not have to implement this decision.
We call for your understanding and greatly appreciate your support.
Your Board and Management
For more information, please contact:
TransCode Therapeutics, Inc.
Tania Montgomery-Hammon, Business Development
tania.montgomery@transcodetherapeutics.com
FAQ
When is TransCode Therapeutics (RNAZ) Special Meeting scheduled?
What is the deadline for RNAZ to meet Nasdaq's minimum bid requirement?
Why is RNAZ considering a reverse stock split?
What minimum stock price does RNAZ need to maintain for Nasdaq compliance?
