TC BioPharm Regains Compliance with Nasdaq Listing Rule 5550(b)
TC BioPharm (NASDAQ: TCBP) has regained compliance with Nasdaq's Minimum Stockholders' Equity Requirement, maintaining its listing on the Nasdaq Global Select Market. The company, which develops allogeneic gamma-delta T cell therapies, had received a non-compliance notification on May 24, 2024, based on its March 31, 2024 financial position. Despite Nasdaq's concerns about potential future non-compliance due to historical burn rate, TC BioPharm was granted a hearing and subsequently given until August 15, 2024, to meet the requirement. The company believes it has achieved compliance through the closing of transactions outlined in a Purchase Agreement.
TC BioPharm (NASDAQ: TCBP) ha riaquistato la conformità con il Requisito Minimo di Capitale Sociale di Nasdaq, mantenendo la propria quotazione sul Nasdaq Global Select Market. La società, che sviluppa terapie cellulari gamma-delta T allogeniche, aveva ricevuto una notifica di non conformità il 24 maggio 2024, basata sulla sua posizione finanziaria del 31 marzo 2024. Nonostante le preoccupazioni di Nasdaq circa una potenziale futura non conformità a causa del tasso di consumo storico, TC BioPharm ha ottenuto un'udienza e successivamente un termine fino al 15 agosto 2024 per soddisfare il requisito. L'azienda crede di aver raggiunto la conformità tramite la conclusione delle transazioni delineate in un Accordo di Acquisto.
TC BioPharm (NASDAQ: TCBP) ha recuperado la conformidad con el Requisito Mínimo de Capital Social de Nasdaq, manteniendo su cotización en el Nasdaq Global Select Market. La compañía, que desarrolla terapias con células T gamma-delta alogénicas, recibió una notificación de incumplimiento el 24 de mayo de 2024, basada en su posición financiera del 31 de marzo de 2024. A pesar de las preocupaciones de Nasdaq sobre un posible incumplimiento futuro debido a la tasa de consumo histórica, a TC BioPharm se le otorgó una audiencia y posteriormente se le concedió plazo hasta el 15 de agosto de 2024 para cumplir con el requisito. La empresa cree que ha alcanzado la conformidad a través del cierre de transacciones delineadas en un Acuerdo de Compra.
TC BioPharm (NASDAQ: TCBP)가 Nasdaq의 최소 주주 자본 요건에 재준수 하여 Nasdaq Global Select Market에서의 상장 유지를 확보했습니다. 모든 선재 T 세포 치료제를 개발하는 이 회사는 2024년 3월 31일의 재무 상태를 바탕으로 2024년 5월 24일에 불합격 통지를 받았습니다. Nasdaq의 역사적인 소모율로 인한 잠재적인 미래 불이행에 대한 우려에도 불구하고 TC BioPharm은 청문회를 부여받았고, 이후 2024년 8월 15일까지 요건을 충족할 시간을 부여받았습니다. 회사는 구매 계약에 명시된 거래의 종료를 통해 준수를 이루었다고 믿고 있습니다.
TC BioPharm (NASDAQ: TCBP) a retrouvé sa conformité avec l'exigence minimale en capitaux propres de Nasdaq, maintenant ainsi son inscription sur le Nasdaq Global Select Market. L'entreprise, qui développe des thérapies cellulaires T gamma-delta allogéniques, avait reçu une notification de non-conformité le 24 mai 2024, fondée sur sa position financière au 31 mars 2024. Malgré les inquiétudes de Nasdaq concernant un potentiel futur non-respect à cause du taux de consommation historique, TC BioPharm a obtenu une audience et a ensuite eu jusqu'au 15 août 2024 pour répondre à l'exigence. L'entreprise estime avoir atteint la conformité grâce à la conclusion des transactions définies dans un contrat d'achat.
TC BioPharm (NASDAQ: TCBP) hat die Konformität mit der Mindestkapitalanforderung von Nasdaq wiedererlangt und seinen Listing im Nasdaq Global Select Market aufrechterhalten. Das Unternehmen, das allogene gamma-delta T-Zelltherapien entwickelt, hatte am 24. Mai 2024 eine Mitteilung über die Nichteinhaltung erhalten, basierend auf seiner finanziellen Lage zum 31. März 2024. Trotz der Bedenken von Nasdaq hinsichtlich einer potenziellen zukünftigen Nichteinhaltung aufgrund der historischen Verbrauchsraten erhielt TC BioPharm eine Anhörung und wurde anschließend bis zum 15. August 2024 Zeit gegeben, um die Anforderungen zu erfüllen. Das Unternehmen glaubt, die Konformität durch den Abschluss der in einem Kaufvertrag festgelegten Transaktionen erreicht zu haben.
- Regained compliance with Nasdaq listing requirements
- Maintained listing on Nasdaq Global Select Market
- Successfully closed transactions to meet stockholders' equity requirement
- Previous non-compliance with Nasdaq's Minimum Stockholders' Equity Requirement
- Historical high burn rate noted by Nasdaq
Insights
TC BioPharm's regaining of Nasdaq compliance is a critical development for the company's financial stability and investor confidence. By meeting the Minimum Stockholders' Equity Requirement, TCBP has averted a potential delisting, which could have severely impacted its market access and ability to raise capital. The company's success in closing transactions under the Purchase Agreement suggests a strategic move to strengthen its balance sheet. However, investors should note that the previous non-compliance and the need for a significant transaction to maintain listing requirements may indicate underlying financial challenges. This event underscores the importance of monitoring TCBP's burn rate and future financial performance to assess long-term sustainability.
TC BioPharm's compliance with Nasdaq listing rules is a positive signal for its ongoing operations in the competitive biotechnology sector. As a clinical-stage company developing allogeneic gamma-delta T cell therapies, maintaining Nasdaq listing is crucial for visibility and credibility with potential partners and investors. This development may facilitate future fundraising efforts, which are essential for advancing its cancer therapies through clinical trials. However, the need for a significant transaction to meet equity requirements suggests potential cash flow concerns. Investors should closely watch for updates on TC BioPharm's clinical trial progress and any strategic partnerships that could bolster its financial position and accelerate product development.
On May 24, 2024, the Company received written notification from the listing qualifications staff of the Nasdaq Stock Market, LLC ("Nasdaq") indicating that the Company was not in compliance with the Minimum Stockholders' Equity Requirement, as of March 31, 2024. This letter indicated that while Nasdaq estimates the Company is currently in compliance with the Minimum Stockholders' Equity Requirement it notes that based on the historical burn rate, without a significant transaction, the Company will not be in compliance as of the next period ending June 30, 2024.
On August 1, 2024, the Company received written notification from Nasdaq that the hearing panel granted the Company's request to continue its listing on Nasdaq subject to compliance with the Minimum Stockholders' Equity Requirement on or before August 15, 2024. The Company believes that due to the closing of the transactions contemplated by the Purchase Agreement it is now in compliance with the Minimum Stockholders' Equity Requirement.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the Company's intent or ability to affect any budget savings or execute on any M&A or capital raising strategy. These statements are based on management's current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For other important factors that could cause actual results to differ materially from the forward-looking statements in this Current Report on Form 8-K, please see the risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and our other reports filed with the SEC, all of which is available on the Company's Investor Relations website at www.tcbiopharm.com and on the SEC website at www.sec.gov. All forward-looking statements reflect the Company's beliefs and assumptions only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
About TC BioPharm (Holdings) PLC
TC BioPharm is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cell therapies for the treatment of cancer with human efficacy data in acute myeloid leukemia. Gamma-delta T cells are naturally occurring immune cells that embody properties of both the innate and adaptive immune systems and can intrinsically differentiate between healthy and diseased tissue.
TC BioPharm is the leader in developing gamma-delta T cell therapies, and the first company to conduct phase II/pivotal clinical studies in oncology. The Company is conducting two investigator-initiated clinical trials for its unmodified gamma-delta T cell product line - Phase 2b/3 pivotal trial in treatment of acute myeloid leukemia using the Company's proprietary allogeneic CryoTC technology to provide frozen product to clinics worldwide.
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SOURCE TC BioPharm
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