Achilles Therapeutics Receives Nasdaq Deficiency Notice Regarding Minimum Bid Price Requirement
May 17 2024 - 4:00PM
Achilles Therapeutics plc (NASDAQ: ACHL), a clinical-stage
biopharmaceutical company developing AI-powered precision T cell
therapies targeting clonal neoantigens to treat solid tumors, today
disclosed that the Company received notice on May 16, 2024 from the
Nasdaq Stock Market LLC (“Nasdaq”) that the Company is not
currently in compliance with the $1.00 minimum bid price
requirement for continued listing of the Company’s American
Depositary Shares (the “ADS”) on the Nasdaq Global Select Market,
as set forth in Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid
Price Requirement”). The Notice indicated that, consistent with
Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 days, or
until November 12, 2024 (the “Compliance Deadline”), to regain
compliance with the Minimum Bid Price Requirement by having the
closing bid price of the Company’s ADSs meet or exceed $1.00 per
ADS for at least ten consecutive business days.
The Nasdaq deficiency letter has no immediate
effect on the listing of the Company’s ADSs, and its ADSs will
continue to trade on The Nasdaq Global Select Market under the
symbol “ACHL” at this time. The Company intends to monitor the
closing bid price of its ADSs and may, if appropriate, consider
implementing available options to regain compliance with the
Minimum Bid Price Requirement. If the Company does not regain
compliance by the Compliance Deadline, the Company may be afforded
an additional 180 calendar day period to regain compliance.
About Achilles
TherapeuticsAchilles is a clinical-stage biopharmaceutical
company developing AI-powered precision T cell therapies targeting
clonal neoantigens: protein markers unique to the individual that
are expressed on the surface of every cancer cell. The Company has
two ongoing Phase I/IIa trials, the CHIRON trial in patients with
advanced non-small cell lung cancer (NSCLC) and the THETIS trial in
patients with recurrent or metastatic melanoma. Achilles uses DNA
sequencing data from each patient, together with its proprietary
PELEUS™ bioinformatics platform, to identify clonal neoantigens
specific to that patient, and then develop precision T cell-based
product candidates specifically targeting those clonal
neoantigens.
Forward Looking StatementsThis
press release contains express or implied forward-looking
statements that are based on our management's belief and
assumptions and on information currently available to our
management. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, these statements
relate to future events or our future operational or financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance, or
achievements to be materially different from any future results,
performance or achievements expressed or implied by these
forward-looking statements. The forward-looking statements in this
press release represent our views as of the date of this press
release. We anticipate that subsequent events and developments will
cause our views to change. However, while we may elect to update
these forward-looking statements at some point in the future, we
have no current intention of doing so except to the extent required
by applicable law. You should therefore not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
Investors:Lee M. SternMeru
Advisorslstern@meruadvisors.com
Media:ICR ConsiliumSukaina Virji, Tracy Cheung,
Dylan Wilks+44 (0) 203 709 5000achillestx@consilium-comms.com
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