Connect Biopharma Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement
June 17 2022 - 4:05PM
Connect Biopharma Holdings Limited (Nasdaq: CNTB) ("Connect
Biopharma" or the “Company”) announced on June 16, 2022, Connect
Biopharma Holdings Limited (the “Company”) received a letter from
the Listings Qualifications Department of the Nasdaq Stock Market
LLC (“Nasdaq”) indicating that, for the last thirty consecutive
business days, the bid price for the Company’s American Depositary
Shares (“ADSs”) had closed below the minimum $1.00 per share
requirement for continued listing on the Nasdaq Global Market under
Nasdaq Listing Rule 5550(a)(2).
In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company has been provided an initial period of
180 calendar days, or until December 13, 2022, to regain
compliance. The letter states that the Nasdaq staff will provide
written notification that the Company has achieved compliance with
Rule 5550(a)(2) if at any time before December 13, 2022, the bid
price of the Company’s ADSs closes at $1.00 per share or more for a
minimum of ten consecutive business days. The Nasdaq letter is only
a notification of deficiency and has no immediate effect on the
listing or trading of the Company’s ADSs and the ADSs will continue
to trade on the Nasdaq Global Market under the symbol “CNTB.”
The Company intends to monitor the bid price of
its ADSs between now and December 13, 2022, and to evaluate its
available options to regain compliance with Nasdaq’s minimum bid
price rule within the compliance period.
If the Company does not regain compliance with
Rule 5550(a)(2) by December 13, 2022, the Company may be eligible
for an additional 180 calendar day compliance period. To qualify,
the Company would be required to first transfer to the Nasdaq
Capital Market and then 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 requirement, and would need to provide written notice of
its intention to cure the deficiency during the second compliance
period.
The Company fully intends to resolve the
deficiency and regain compliance with the Listing Rules.
About Connect Biopharma Holdings
LimitedConnect Biopharma is a global, clinical-stage
biopharmaceutical company dedicated to improving the lives of
patients with inflammatory diseases through the development of
therapies derived from T cell-driven research. It is building a
rich pipeline of internally-designed, wholly-owned, small molecules
and antibodies using functional cellular assays with T cells to
screen and discover potent product candidates against validated
immune targets. Its lead product candidate, CBP-201, is an antibody
designed to target interleukin-4 receptor alpha (IL-4Rα) in
development for the treatment of atopic dermatitis (AD) and asthma.
The Company’s second most advanced product candidate, CBP-307, is a
modulator of a T-cell receptor known as S1P1 in development for the
treatment of UC. Clinical development has begun for its third
product candidate, CBP-174, a peripherally acting antagonist of
histamine receptor 3, for the treatment of pruritus associated with
AD.
With operations in the United States and China,
Connect Biopharma is building a rich global pipeline of molecules
and antibodies targeting several aspects of T cell biology. For
additional information, please visit www.connectbiopharm.com.
FORWARD-LOOKING STATEMENTSConnect Biopharma
cautions that statements included in this press release that are
not a description of historical facts are forward-looking
statements. Words such as “may,” “could,” “will,” “would,”
“should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,”
“intend,” “predict,” “seek,” “contemplate,” “potential,” “continue”
or “project” or the negative of these terms or other comparable
terminology are intended to identify forward-looking statements.
These statements include the Company’s statements regarding whether
and when the Company can demonstrate and maintain compliance with
the Nasdaq listing rules, including with respect to the minimum bid
price requirement. The inclusion of forward-looking statements
should not be regarded as a representation by Connect Biopharma
that any of its plans will be achieved. Actual results may differ
materially from those set forth in this release due to the risks
and uncertainties inherent in the Company’s business and other
risks described in the Company’s filings with the Securities and
Exchange Commission (“SEC”), including the Company’s Annual Report
on Form 20-F filed with the SEC on March 31, 2022, and its other
reports. Investors are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, and Connect Biopharma undertakes no obligation to revise or
update this news release to reflect events or circumstances after
the date hereof. Further information regarding these and other
risks is included in Connect Biopharma’s filings with the SEC which
are available from the SEC’s website (www.sec.gov) and on Connect
Biopharma’s website (www.connectbiopharm.com) under the heading
“Investors.” All forward-looking statements are qualified in their
entirety by this cautionary statement. This caution is made under
the safe harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995.
IR/PR CONTACTS: Lazar FINN Partners David
Carey (IR) T: +1 (212)
867-1768david.carey@finnpartners.comGlenn Silver
(Media) T: +1 (973)
818-8198glenn.silver@finnpartners.com
Corporate
Contacts:info@connectpharm.com
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