Iterum Therapeutics : Failure to Satisfy Listing Rule - Form 8-K
October 02, 2023 at 06:05 am
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 26, 2023, Iterum Therapeutics plc (the "Company") received a letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market, LLC, ("Nasdaq") indicating that, based on the closing bid price for the last 30 consecutive business days, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company maintain a minimum bid price of $1.00 per share (the "Bid Price Rule") for continued listing on The Nasdaq Capital Market. The Notice does not result in the immediate delisting of the Company's ordinary shares from The Nasdaq Capital Market. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days, or until March 25, 2024, to regain compliance with the Bid Price Rule. To regain compliance during this 180-day compliance period, the closing bid price of the Company's ordinary shares must be at least $1.00 for a minimum of 10 consecutive business days.
In the event that the Company does not regain compliance with the Bid Price Rule prior to the expiration of the 180-day compliance period, the Company may be eligible for an additional 180-day compliance period. 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 the second compliance period, by effecting a reverse share split, if necessary. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is not otherwise eligible, Nasdaq will provide notice that the Company's ordinary shares are to be 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 any delisting determination by Nasdaq to the panel, that such appeal would be successful.
The Company intends to actively monitor the closing bid price of its ordinary shares and, as appropriate, will consider all available options to resolve the deficiency and regain compliance with the Bid Price Rule. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Rule during the 180-day compliance period, secure an additional 180-day compliance period, maintain compliance with the other Nasdaq listing requirements or be successful in appealing any delisting determination.
Iterum Therapeutics plc published this content on 02 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 October 2023 10:04:14 UTC.
Iterum Therapeutics plc is a clinical-stage pharmaceutical company. The Company develops differentiated anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens to significantly improve the lives of people affected by serious and life-threatening diseases around the world. It is advancing its first compound, sulopenem, a novel penem anti-infective compound, in Phase 3 clinical development with an oral formulation. Sulopenem is a potent, thiopenem antibiotic delivered intravenously, which is active against bacteria that belong to the group of organisms known as gram-negatives and causes urinary tract and intra-abdominal infections. It has also developed sulopenem in an oral tablet formulation, sulopenem etzadroxil-probenecid. Sulopenem also has an IV formulation. Sulopenem has demonstrated potent in vitro activity against a variety of gram-negative, gram-positive and anaerobic bacteria resistant to other antibiotics.