UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Emerging growth company
| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On November 20, 2024, the Company received a letter from the Nasdaq Staff (the “Staff”) stating that the Company was no longer in compliance with the minimum $2.5 million stockholders’ equity requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1) (the “Equity Rule”), and that the Staff had determined that this issue is an additional basis to delist the Company’s securities from The Nasdaq Capital Market. The Company has presented its plan of compliance before the Nasdaq Hearings Panel (the “Nasdaq Panel”) at a hearing held on November 14, 2024.
As previously disclosed, on September 24, 2024, the Company received a letter from the Staff stating that the Company had not been able to regain compliance with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5810(c)(3)(A) (the “Bid Rule”), and that the Staff had determined to delist the Company’s securities from Nasdaq unless the Company requested a hearing before the Nasdaq Panel by October 1, 2024. Therefore, the Company requested a hearing. On October 29, 2024, the Company was notified by Staff that it had regained compliance with the Bid Price Rule because the Company’s common stock had a minimum closing bid price of at least $1.00 per share for a minimum of ten consecutive business days. While this action would have normally resulted in the Company being out of the hearings process by the Nasdaq Panel, the Company recognized and self-reported that it would be non-compliant with the Equity Rule upon filing its upcoming Form 10-Q on November 14, 2024. Therefore, the Company proactively requested that the Hearings Panel keep the hearings date scheduled on November 14, 2024 and that it address solely the Equity Rule. The Company is currently waiting on the Nasdaq Panel’s determination with regard to the Equity Rule.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 22, 2024 | TRAWS PHARMA, INC. | ||
| By: | /s/ MARK GUERIN | ||
| Name: | Mark Guerin | ||
| Title: | Chief Financial Officer | ||
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