Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 13, 2023, Aeglea BioTherapeutics, Inc. (the "Company") received
written notice (the "Notice") from the Listing Qualifications Department of The
Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that, based on the
closing bid price of the Company's common stock, par value $0.0001 per share
(the "Common Stock"), for the last 30 consecutive trading days, the Company no
longer complies with the minimum bid price requirement for continued listing on
The Nasdaq Global Market. Nasdaq Listing Rule 5450(a)(1) requires listed
securities to maintain a minimum bid price of $1.00 per share (the "Minimum Bid
Price Requirement"), and Nasdaq Listing Rule 5810(c)(3)(A) provides that a
failure to meet the Minimum Bid Price Requirement exists if the deficiency
continues for a period of 30 consecutive trading days.
The Notice has no immediate effect on the listing of the Common Stock on The
Nasdaq Global Market. Pursuant to the Nasdaq Listing Rules, the Company has been
provided an initial compliance period of 180 calendar days to regain compliance
with the Minimum Bid Price Requirement. To regain compliance, the closing bid
price of the Common Stock must be at least $1.00 per share for a minimum of 10
consecutive trading days prior to July 12, 2023, and the Company must otherwise
satisfy The Nasdaq Global Market's requirements for listing.
If the Company does not regain compliance by July 12, 2023, the Company may be
eligible for an additional 180 calendar day compliance period if it elects (and
meets the listing standards) to transfer to The Nasdaq Capital Market to take
advantage of the additional compliance period offered on that market. To
qualify, the Company would be required, among other things, to meet the
continued listing requirement for market value of publicly held shares as well
as all other standards for initial listing on The Nasdaq Capital Market, with
the exception of the Minimum Bid Price Requirement, and would need to provide
written notice of its intention to cure the bid price deficiency during the
second compliance period. If the Company does not regain compliance within the
allotted compliance period(s), including any extensions that may be granted by
Nasdaq, Nasdaq will provide notice that the Company's Common Stock will be
subject to delisting. The Company would then be entitled to appeal Nasdaq's
determination to a Nasdaq Listing Qualifications Panel and request a hearing.
The Company intends to monitor the closing bid price of the Common Stock and
consider its available options to resolve the noncompliance with the Minimum Bid
Price Requirement. There can be no assurance that the Company will be able to
regain compliance with The Nasdaq Global Market's continued listing requirements
or that Nasdaq will grant the Company a further extension of time to regain
compliance, if applicable.
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