Nasdaq Determines TransCode Therapeutics Compliance with Minimum Stockholders’ Equity Requirement and Continued Listing on The Nasdaq Stock Market
January 31 2024 - 3:05PM
TransCode Therapeutics, Inc. (Nasdaq: RNAZ), (the “Company”), an
RNA oncology company committed to more effectively treating cancer
using RNA therapeutics, today announced that it has received notice
from the NASDAQ Stock Market LLC (Nasdaq) that the Nasdaq has
determined that the Company has regained compliance with the
minimum stockholders’ equity requirement under Nasdaq Listing Rule
5550(b)(1) (the Equity Rule) for continued listing on the Nasdaq
Capital Market. Pursuant to Nasdaq Listing Rule 5815(d)(4)(B), the
Company will be subject to a mandatory panel monitor through
January 26, 2025.
The Nasdaq notice also stated that if, within the one-year
monitoring period, the Nasdaq Staff finds the Company is again out
of compliance with the Equity Rule that was the subject of the
exception, notwithstanding Rule 5810(c)(2), the Company will not be
permitted to provide the Staff with a plan of compliance with
respect to that deficiency and the Staff will not be permitted to
grant additional time for the Company to regain compliance with
respect to that deficiency, nor will the Company be afforded an
applicable cure or compliance period pursuant to Rule 5810(c)(3).
Instead, the Staff will issue a Delist Determination Letter and the
Company will have an opportunity to request a new hearing with the
initial Hearing Panel or a newly convened Hearing Panel if the
initial Panel is unavailable. The Company will have the opportunity
to respond/present to the Hearing Panel as provided by Listing Rule
5815(d)(4)(C). The Company’s securities may be at that time
delisted from Nasdaq.
Separately, TransCode was notified by Nasdaq on
November 7, 2023, that it was not in compliance with Nasdaq Listing
Rule 5550(a)(2), the minimum bid price rule, because the closing
bid price of its common stock failed to meet the $1.00 or more
minimum for 30 consecutive business days. In order to regain
compliance with the minimum bid price rule, the Company’s minimum
closing bid price must be $1.00 or more for at least 10 consecutive
trading days prior to May 6, 2024. If the Company does not regain
compliance with the Minimum Bid Price Requirement by the Compliance
Date, the Company may be eligible for an additional 180 calendar
day compliance period. To qualify, the Company would be required to
meet the continued listing requirement for the market value of
publicly held shares and all other initial listing standards for
the Nasdaq Capital Market, with the exception of the Minimum Bid
Price Requirement, and would need to provide written notice to
Nasdaq of its intention to cure the deficiency during the
additional compliance period.
About TransCode
Therapeutics
TransCode is a clinical-stage oncology company
focused on treating metastatic disease. The company is committed to
defeating cancer through the intelligent design and effective
delivery of RNA therapeutics based on its proprietary TTX
nanoparticle platform. The company’s lead therapeutic candidate,
TTX-MC138, is focused on treating metastatic tumors which
overexpress microRNA-10b, a unique, well-documented biomarker of
metastasis. In addition, TransCode is developing a portfolio of
first-in-class RNA therapeutic candidates designed to overcome the
challenges of RNA delivery and thus unlock therapeutic access to a
variety of novel genetic targets that could be relevant to treating
a variety of cancers.
For more information, please visit
www.transcodetherapeutics.com.
Forward-Looking Statements
This release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements
concerning the continued listing of the Company’s stock on the
Nasdaq Capital Market. Any forward-looking statements in this press
release are based on management’s current expectations of future
events and are subject to a number of risks and uncertainties that
could cause actual results to differ materially and adversely from
those set forth in or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to:
risks associated with drug discovery and development; risks that
the results of clinical trials we conduct will not be consistent
with our pre-clinical studies or expectations; risks associated
with the timing and outcome of TransCode’s planned regulatory
submissions; risks associated with TransCode’s planned clinical
trials for its product candidates; risks associated with obtaining,
maintaining and protecting intellectual property; risks associated
with TransCode’s ability to enforce its patents against infringers
and defend its patent portfolio against challenges from third
parties; risks of competition from other companies developing
products for similar uses; risks associated with TransCode’s
financial condition and its need to obtain additional funding to
support its business activities, including TransCode’s ability to
continue as a going concern; risks associated with TransCode’s
dependence on third parties; and risks associated with the COVID-19
coronavirus and geopolitical events. For a discussion of these and
other risks and uncertainties, and other important factors, any of
which could cause TransCode’s actual results to differ from those
contained in or implied by the forward-looking statements, see the
section entitled “Risk Factors” in TransCode’s Annual Report on
Form 10-K for the year ended December 31, 2022, as well as
discussions of potential risks, uncertainties and other important
factors in any subsequent TransCode filings with the Securities and
Exchange Commission. All information in this press release is as of
the date of the release; TransCode undertakes no duty to update
this information unless required by law.
For more information, please contact:Tom
Fitzgerald, Interim CEO;
CFOtom.fitzgerald@transcodetherapeutics.com
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