Syros Announces Voluntary Delisting from Nasdaq and SEC Deregistration
Syros Pharmaceuticals (NASDAQ:SYRS) has announced its intention to voluntarily delist from the Nasdaq Stock Market and deregister its common stock. The company plans to file Form 25 with the SEC around March 10, 2025, with delisting expected to take effect near March 20, 2025.
This decision follows multiple Nasdaq compliance issues, including the stock trading below $1.00, falling below the $50 million minimum value requirement, and having market value of publicly held shares below $15 million. The critical factor driving this decision was the failure of the company's SELECT-MDS-1 Phase 3 trial for tamibarotene, which triggered a default under their Oxford Finance loan agreement.
The company will operate under a wind-down budget approved by Oxford Finance, with the Board determining these actions necessary to preserve cash for an orderly wind-down of operations and maximize remaining value for stakeholders.
Syros Pharmaceuticals (NASDAQ:SYRS) ha annunciato la sua intenzione di ritirarsi volontariamente dal mercato azionario Nasdaq e di disregistrare le proprie azioni ordinarie. L'azienda prevede di presentare il Modulo 25 alla SEC intorno al 10 marzo 2025, con il ritiro previsto per entrare in vigore intorno al 20 marzo 2025.
Questa decisione segue a molteplici problemi di conformità con il Nasdaq, inclusi il trading delle azioni al di sotto di $1.00, il valore sceso al di sotto del requisito minimo di $50 milioni, e il valore di mercato delle azioni pubblicamente detenute sceso sotto i $15 milioni. Il fattore critico che ha guidato questa decisione è stato il fallimento della sperimentazione clinica di Fase 3 SELECT-MDS-1 per il tamibarotene, che ha attivato un default nell'accordo di prestito con Oxford Finance.
L'azienda opererà sotto un budget di dismissione approvato da Oxford Finance, con il Consiglio che determina queste azioni necessarie per preservare liquidità per una dismissione ordinata delle operazioni e massimizzare il valore rimanente per gli stakeholder.
Syros Pharmaceuticals (NASDAQ:SYRS) ha anunciado su intención de retirarse voluntariamente del mercado de valores Nasdaq y de desregistrar sus acciones ordinarias. La compañía planea presentar el Formulario 25 a la SEC alrededor del 10 de marzo de 2025, con el retiro previsto para entrar en efecto cerca del 20 de marzo de 2025.
Esta decisión sigue a múltiples problemas de cumplimiento con Nasdaq, incluyendo el comercio de acciones por debajo de $1.00, la caída por debajo del requisito mínimo de valor de $50 millones y un valor de mercado de acciones en manos del público por debajo de $15 millones. El factor crítico que impulsó esta decisión fue el fracaso del ensayo clínico de Fase 3 SELECT-MDS-1 para el tamibarotene, que provocó un incumplimiento bajo su acuerdo de préstamo con Oxford Finance.
La compañía operará bajo un presupuesto de cierre aprobado por Oxford Finance, con la Junta determinando que estas acciones son necesarias para preservar efectivo para un cierre ordenado de las operaciones y maximizar el valor restante para los interesados.
Syros Pharmaceuticals (NASDAQ:SYRS)는 나스닥 주식 시장에서 자발적으로 상장 폐지하고 보통주를 등록 해지할 의사를 발표했습니다. 회사는 2025년 3월 10일경 SEC에 양식 25를 제출할 계획이며, 상장 폐지는 2025년 3월 20일경에 효력을 발생할 것으로 예상됩니다.
이 결정은 주식이 $1.00 이하로 거래되고, $50 백만의 최소 가치 요구 사항을 하회하며, 공공 보유 주식의 시장 가치가 $15 백만 이하로 떨어지는 등 여러 나스닥 준수 문제에 따른 것입니다. 이 결정의 주요 요인은 타미바로텐에 대한 회사의 SELECT-MDS-1 3상 시험의 실패로, 이는 옥스포드 파이낸스 대출 계약의 기본 위반을 초래했습니다.
회사는 옥스포드 파이낸스의 승인을 받은 정리 예산에 따라 운영하며, 이사회는 운영의 질서를 유지하고 이해 관계자를 위한 남은 가치를 극대화하기 위해 이러한 조치가 필요하다고 판단하고 있습니다.
Syros Pharmaceuticals (NASDAQ:SYRS) a annoncé son intention de se retirer volontairement du marché boursier Nasdaq et de désenregistrer ses actions ordinaires. La société prévoit de déposer le formulaire 25 auprès de la SEC vers le 10 mars 2025, avec un retrait prévu pour entrer en vigueur autour du 20 mars 2025.
Cette décision fait suite à plusieurs problèmes de conformité avec le Nasdaq, notamment le fait que l'action se négocie en dessous de 1,00 $, qu'elle tombe en dessous de l'exigence de valeur minimale de 50 millions de dollars et que la valeur marchande des actions détenues par le public soit inférieure à 15 millions de dollars. Le facteur critique qui a motivé cette décision était l'échec de l'essai clinique de phase 3 SELECT-MDS-1 pour le tamibarotène, ce qui a entraîné un défaut dans leur accord de prêt avec Oxford Finance.
La société fonctionnera sous un budget de liquidation approuvé par Oxford Finance, le conseil d'administration considérant ces actions nécessaires pour préserver des liquidités pour un désengagement ordonné des opérations et maximiser la valeur restante pour les parties prenantes.
Syros Pharmaceuticals (NASDAQ:SYRS) hat seine Absicht angekündigt, sich freiwillig von der Nasdaq-Börse abzumelden und seine Stammaktien abzumelden. Das Unternehmen plant, etwa am 10. März 2025 das Formular 25 bei der SEC einzureichen, wobei die Abmeldung voraussichtlich um den 20. März 2025 wirksam wird.
Diese Entscheidung folgt auf mehrere Compliance-Probleme mit Nasdaq, einschließlich des Handels der Aktie unter $1,00, dem Unterschreiten des Mindestwerts von $50 Millionen und einem Marktwert der öffentlich gehaltenen Aktien von unter $15 Millionen. Der entscheidende Faktor, der diese Entscheidung vorangetrieben hat, war das Scheitern der Phase-3-Studie SELECT-MDS-1 für Tamibaroten, was einen Verstoß gegen die Kreditvereinbarung mit Oxford Finance auslöste.
Das Unternehmen wird unter einem von Oxford Finance genehmigten Abbauhaushalt operieren, wobei der Vorstand diese Maßnahmen als notwendig erachtet, um Bargeld für einen geordneten Abbau der Aktivitäten zu erhalten und den verbleibenden Wert für die Stakeholder zu maximieren.
- None.
- Phase 3 trial SELECT-MDS-1 failed to meet primary endpoint
- Default triggered on Oxford Finance loan agreement
- Multiple Nasdaq compliance violations
- Company entering wind-down phase
- Forced to limit expenditures under lender-approved budget
Insights
Syros Pharmaceuticals' voluntary delisting from Nasdaq represents a profound negative development with immediate implications for shareholders. This decision comes after the company received multiple Nasdaq deficiency notices on January 6, indicating violations of three separate listing requirements - minimum bid price, market value of listed securities, and market value of publicly held shares.
The more critical underlying issue is the company's Phase 3 SELECT-MDS-1 trial failure, which triggered an event of default under their loan agreement with Oxford Finance. This has forced Syros into a negotiated wind-down scenario, limiting operations to a creditor-approved budget.
With a current market cap of just
For investors, this announcement effectively marks the end of Syros as a public company, with delisting expected around March 20, 2025. Following delisting, trading liquidity will be severely restricted as shares move to less regulated OTC markets, if available at all. The operational wind-down prioritizes creditor recovery, potentially leaving minimal residual value for equity holders.
This represents one of the most severe adverse outcomes possible for biotech investors - not merely a trial failure but a complete corporate wind-down scenario.
The Company today notified Nasdaq of its intention to voluntarily delist its shares of common stock from the Nasdaq Global Select Market. The Company intends to file a Form 25 with the Securities and Exchange Commission ("SEC") to effect the delisting and deregistration of its common stock on or about March 10, 2025 and the delisting is expected to become effective on or about March 20, 2025.
Following the delisting of the Company's common stock from Nasdaq, the Company intends to file a Form 15 with the SEC on or about March 20, 2025 to suspend its reporting obligations under the Act. As a result of the filing of the Form 15, the Company will be relieved of its obligation to file certain reports under Section 15(d) of the Exchange Act. The Company will be relieved of all reporting obligations under the Exchange Act upon the effectiveness of the deregistration. The Company expects that the deregistration of its common stock will become effective 90 days after the filing of the Form 15 with the SEC. The documents filed with the SEC will be available on the Company's website, www.syros.com.
As previously reported, on January 6, 2025 the Company received deficiency letters from the Listing Qualifications Department of Nasdaq providing notice that the Company was out of compliance with the following listing standards of the Nasdaq Global Select Market:
-
the bid price for the Company’s common stock closed below
$1.00 -
the Minimum Value of Listed Securities, as defined by Nasdaq, of the Company’s common stock was below the minimum
$50 million -
the Market Value of Publicly Held Shares, as defined by Nasdaq, of the Company’s common stock was below the minimum
$15 million
The Board made the decision to pursue delisting and deregistration of the Common Stock following its review and careful consideration of several factors. First, and as previously disclosed, the Company’s SELECT-MDS-1 Phase 3 trial evaluating tamibarotene in combination with azacitidine failed to meet its primary endpoint of complete response rate, which failure resulted in an event of default under the Company’s loan and security agreement with Oxford Finance, LLC (“Oxford”). The Company has agreed to operate its business as a wind-down and limit its expenditures in accordance with a budget approved by Oxford. The Board also considered the Company's current and likely future non-compliance with the continued listing requirements of Nasdaq that would inevitably result in delisting of the Common Stock by Nasdaq, as well as the required personnel resources, high costs and regulatory burdens relating to ongoing Nasdaq reporting requirements that have resulted and would continue to result in significant operating expense. In light of these factors, the Board determined that it is in the Company's best interests that the Company take steps designed to preserve sufficient cash to fund an orderly wind down of the Company's operations and to maximize the Company's cash position for the benefit of its stakeholders.
About Syros Pharmaceuticals
Syros’ mission was to develop new standards of care for the frontline treatment of patients with hematologic malignancies. Driven by the motivation to help patients with blood disorders that have largely eluded other targeted approaches, Syros had developed tamibarotene, an oral selective RARα agonist, in frontline patients with higher-risk myelodysplastic syndrome with RARA gene overexpression.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the expected timing of the delisting from Nasdaq and deregistration of the Company's common stock, the Company's ability to preserve cash in order to adequately fund an orderly wind down of the Company's operations, and the Company's actions to maximize the Company's cash position for the benefit of its stakeholders. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “target,” “should,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including those risks described under the caption “Risk Factors” in Syros’ Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, each of which is on file with the SEC, and risks described in other filings that the Company may make with the SEC in the future. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect events or circumstances after the date of such statements for any reason, except as otherwise required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250228459350/en/
Matthew Foster
Sonoran Capital Advisors
mfoster@sonorancap.com
Source: Syros Pharmaceuticals, Inc.
FAQ
When will Syros Pharmaceuticals (SYRS) be delisted from Nasdaq?
What caused Syros Pharmaceuticals (SYRS) to decide on delisting?
What Nasdaq compliance issues did SYRS face before delisting?
What happens to SYRS operations after delisting?
