X4 Pharmaceuticals Inc.
08/16/2024 | Press release | Distributed by Public on 08/16/2024 14:04
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
On August 13, 2024, X4 Pharmaceuticals, Inc. (the "Company") received a deficiency letter (the "Nasdaq Letter") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the last 32 consecutive business days, the closing bid price of the Company's shares of common stock, $0.001 par value per share ("Common Stock"), has not been maintained at the minimum required closing bid price of at least $1.00 per share, as required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule").
The Nasdaq Letter does not result in the immediate delisting of the Company's Common Stock, and the Company's Common Stock will continue to trade uninterrupted on the Nasdaq Capital Market under the symbol "XFOR."
In accordance with the listing rules of Nasdaq, the Company has been given 180 calendar days, or until February 10, 2025 (the "Compliance Date"), to regain compliance with the minimum bid price requirement. If at any time before the Compliance Date, the closing bid price of the Company's Common Stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will provide written notification to the Company that it complies with the minimum bid price requirement. If the Company is unable to regain compliance before the Compliance Date, the Company may be eligible for an additional 180 calendar days to satisfy the Bid Price Rule. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market with the exception of the Bid Price Rule, and will need to provide written notice of its intention to cure the deficiency during such additional compliance period, by effecting a reverse stock split, if necessary. If it appears to Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for the additional compliance period, and the Company does not regain compliance by the Compliance Date, Nasdaq will provide written notification to the Company that its Common Stock is subject to delisting. At that time, the Company may appeal the delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the panel, such appeal would be successful.
The Company intends to actively monitor the closing bid price of its Common Stock and, as appropriate, will consider available options to regain compliance with the Bid Price Rule, including potentially seeking to effect a reverse stock split. There can be no assurance that the Company will be able to regain compliance with the Bid Price Rule or will otherwise be in compliance with other Nasdaq listing criteria and that the Company will be able to maintain its listing with Nasdaq.