Bio-Path Holdings Inc.
09/13/2024 | Press release | Distributed by Public on 09/13/2024 15:11
Failure to Satisfy Listing Rule Form 8 K
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on March 12, 2024, Bio-Path Holdings, Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum stockholders' equity requirement of at least $2,500,000 for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(1) (the "Stockholders' Equity Requirement"). On April 26, 2024, in accordance with Nasdaq Listing Rule 5810(c)(2)(A), the Company submitted a plan to Nasdaq to regain compliance (the "Compliance Plan") with the Stockholders' Equity Requirement and on June 12, 2024, the Company received a letter from Nasdaq granting an extension (the "Extension Letter") until September 8, 2024 to demonstrate compliance with the Stockholders' Equity Requirement.
On September 12, 2024, the Company received a delisting determination letter from Nasdaq advising the Company that the Company did not meet the terms of the Extension Letter. Specifically, the Company did not confirm or demonstrate compliance with the Stockholders' Equity Requirement by completing its proposed transactions as set forth in the Extension Letter. As a result, unless the Company requests an appeal of the Staff's determination, trading of the Company's common stock will be suspended at the opening of business on September 23, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC") which will remove the Company's securities from listing and registration on The Nasdaq Stock Market.
The Company intends to submit a hearing request to the Nasdaq Hearings Panel (the "Panel") no later than 4:00 p.m. Eastern Time on September 19, 2024, which request will stay suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. At the Panel hearing, the Company intends to present a plan to regain compliance with the Stockholders' Equity Requirement. In the interim, the Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "BPTH" pending the Panel's decision.
There can be no assurance that the Company's appeal will be successful or that the Company will be able to regain compliance with the Stockholders' Equity Requirement.