Celyad Oncology Announces Receipt of Nasdaq Initial Notification on ADS Bid Price
April 24 2023 - 4:01PM
Business Wire
Regulatory News:
Celyad Oncology (Euronext & Nasdaq: CYAD) (the “Company”), a
biotechnology company focused on innovative technologies for
chimeric antigen receptor (CAR) T-cell therapies, received a letter
(the “Bid Price Notice”) on April 19th, 2023 from The Nasdaq Stock
Market (“Nasdaq”) informing the Company that the minimum closing
bid price per share of its American Depositary Shares representing
ordinary shares (“ADSs”) was below $1.00 for a period of 30
consecutive business days and that the Company did not meet the
minimum bid price requirement set forth in Nasdaq Listing Rule
5450(a)(1) (the “Minimum Bid Price Requirement”).
The Bid Price Notice has no immediate effect on the listing of
the Company’s ADSs on the Nasdaq Global Market. In accordance with
Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar
days, or until October 16, 2023 (the “Compliance Date”), to regain
compliance with the Minimum Bid Price Requirement. To regain
compliance, the closing bid price of the Company’s ADSs must be at
least $1.00 per share for a minimum of ten consecutive business
days before the Compliance Date.
In the event that the Company does not regain compliance by the
Compliance Date, the Company may transfer the listing and trading
of its ADSs to The Nasdaq Capital Market, provided that it meets
the applicable standards for initial listing of its ordinary shares
on the Nasdaq Capital Market (other than the Minimum Bid Price
Requirement) and may be eligible for an additional 180 calendar day
grace period by providing a written notice of its intention to cure
the deficiency during this second compliance period by effecting a
reverse share split, if necessary. If the Company does not regain
compliance with the Minimum Bid Price Requirement by the Compliance
Date, and is ineligible for an additional grace period, Nasdaq will
provide written notice that the ADSs are subject to delisting from
the Nasdaq Global Market. In that event, the Company may appeal the
determination to a Nasdaq hearings panel. There can be no assurance
that the Company will regain compliance with the Minimum Bid Price
Requirement before the Compliance Date, be able to secure a second
period of 180 days to regain compliance if the Company decides to
pursue this option or maintain compliance with the other Nasdaq
listing requirements.
The Company intends to monitor the closing bid price of its ADSs
between now and the Compliance Date. Receipt of the Bid Price
Notice has no effect on the Company’s business operations.
As previously announced, on March 31, 2023, the Company received
a letter (the “Stockholders’ Equity Notice”) from Nasdaq notifying
the Company that it failed to maintain the continued listing
requirement under Nasdaq Listing Rule 5450(b)(1)(A) for the Nasdaq
Global Market, which requires that a listed company’s stockholders’
equity be at least $10.0 million (the “Stockholders’ Equity
Requirement”).
Based upon the reported stockholders’ equity of approximately
$4.6 million in the Company’s Form 20-F for the period ended
December 31, 2022, the Company did not meet the Stockholders’
Equity Requirement.
The Company has a period of 45 calendar days from the date of
the Stockholders’ Equity Notice, or until May 15, 2023, to submit a
plan to regain compliance with the Stockholders’ Equity
Requirement. If such a plan is submitted and accepted, Nasdaq may
grant an extension of up to 180 calendar days from the date of the
Stockholders’ Equity Notice for the Company to regain
compliance.
About Celyad Oncology
Celyad Oncology is a biotechnology company focused on innovative
technologies chimeric antigen receptor (CAR) T-cell therapies. The
Company is focusing on opportunities to fully harness the true
potential of its proprietary technology platforms and intellectual
property and support the development of next-generation CAR T
candidates in solid tumors and hematological malignancies. Celyad
Oncology is based in Mont-Saint-Guibert, Belgium and New York, NY.
For more information, please visit www.celyad.com.
Celyad Oncology Forward-Looking Statement
This release may contain forward-looking statements, within the
meaning of applicable securities laws, including the Private
Securities Litigation Reform Act of 1995, as amended, including,
without limitation, statements regarding beliefs about and
expectations for the Company’s updated strategic business model,
including associated potential benefits, transactions and
partnerships, statements regarding the potential value of the
Company’s IP, and statements regarding the Bid Price Notice
received from Nasdaq. The words “will,” “believe,” “potential,”
“continue,” “target,” “project,” “should” and similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words. Any
forward-looking statements in this release are based on
management’s current expectations and beliefs and are subject to a
number of known and unknown risks, uncertainties and important
factors which might cause actual events, results, financial
condition, performance or achievements of Celyad Oncology to differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without
limitation, risks related to the material uncertainty about the
Company’s ability to continue as a going concern; the Company’s
ability to realize the expected benefits of its updated strategic
business model; the Company’s ability to develop its IP assets and
enter into partnerships with outside parties; the Company’s ability
to enforce its patents and other IP rights; the possibility that
the Company may infringe on the patents or IP rights of others and
be required to defend against patent or other IP rights suits; the
possibility that the Company may not successfully defend itself
against claims of patent infringement or other IP rights suits,
which could result in substantial claims for damages against the
Company; the possibility that the Company may become involved in
lawsuits to protect or enforce its patents, which could be
expensive, time-consuming, and unsuccessful; the Company’s ability
to protect its IP rights throughout the world; the potential for
patents held by the Company to be found invalid or unenforceable;
and other risks identified in Celyad Oncology’s U.S. Securities and
Exchange Commission (SEC) filings and reports, including in the
latest Annual Report on Form 20-F filed with the SEC and subsequent
filings and reports by Celyad Oncology. These forward-looking
statements speak only as of the date of publication of this
document and Celyad Oncology’s actual results may differ materially
from those expressed or implied by these forward-looking
statements. Celyad Oncology expressly disclaims any obligation to
update any such forward-looking statements in this document to
reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based, unless required by law or regulation.
Source: Celyad Oncology SA
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version on businesswire.com: https://www.businesswire.com/news/home/20230424005451/en/
Celyad Oncology Contacts:
Investor Contact: David Georges VP Finance and
Administration investors@celyad.com
Media Contact: Caroline Lonez R&D Communications and
Business Development communications@celyad.com
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