Form 8-K - Current report
August 26 2024 - 5:00PM
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported): August 22, 2024
CYCLACEL
PHARMACEUTICALS, INC.
(Exact name of registrant
as specified in its charter)
Delaware |
|
0-50626 |
|
91-1707622 |
(State
or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS
Employer
Identification No.) |
200
Connell Drive, Suite 1500
Berkeley
Heights, NJ 07922
(Address of principal
executive offices and zip code)
Registrant’s telephone
number, including area code: (908) 517-7330
(Former Name or Former
Address, if Changed Since Last Report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered
|
Common
Stock, par value $0.001 per share |
CYCC |
The Nasdaq
Capital Market |
Preferred
Stock, $0.001 par value |
CYCCP |
The Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 3.01 Notice of Delisting
or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As
previously reported, on March 27, 2024, Cyclacel Pharmaceuticals, Inc. (the “Company”) received a notice (the “Notice”)
from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the
Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Equity Rule”) because the Company reported stockholders’
equity of less than $2.5 million as of December 31, 2023. The company’s stockholders’ equity was $607,000 as of December 31,
2023.
In
response to the Notice, the Company timely submitted materials to the Staff for review on May 13 and 16, 2024 (the “Submission”)
explaining that on May 2, 2024, the Company completed an equity raise receiving net proceeds of approximately $6.3 million and confirming
that as of the date of the Submission, the Company believed it complied with the Equity Rule. Furthermore, the Company stated that it
expected to maintain compliance with the Equity Rule through the exercise of certain outstanding warrants for up to $4 million during
the three-month period ended June 30, 2024. Subsequently, on August 14, 2024, the Company filed its Form 10-Q for the period ended June
30, 2024, which reported stockholders’ equity of $999,000, and disclosed that there was no exercise of warrants during the period
then ended, or any other subsequent events that resulted in compliance with the Equity Rule.
On
August 22, 2024, the Company received a subsequent notice from the Staff stating that the Company is not in compliance with the Equity
Rule because the Company reported stockholders’ equity of less than $2.5 million as of June 30, 2024.
As
such, the Staff has determined that the Company did not evidence its ability to achieve near term compliance with the Equity Rule or sustain
such compliance over an extended period of time. Accordingly, unless the Company requests an appeal of the Staff’s determination
by August 29, 2024, trading of the Company’s common stock and preferred stock will be suspended at the opening of business on September
3, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities
from listing and registration on Nasdaq.
The
Company’s management is reviewing its options to address the noncompliance and expects to request an appeal of the Staff’s
determination and submit a hearing request to the Nasdaq Hearings Panel (the “Panel”) on or before the August 29, 2024 deadline,
which request will stay any delisting action by the Staff until the hearing process has concluded. However, there can be no assurance
that a hearing with the Panel will be successful or, if the Panel determines to continue the Company’s listing, that the Company
will be able to satisfy the continued listing criteria subsequent to the hearing.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CYCLACEL PHARMACEUTICALS, INC. |
|
|
|
By: |
/s/ Paul McBarron |
|
Name: |
Paul McBarron |
|
Title: |
Executive Vice President-Finance,
Chief Financial Officer and Chief Operating Officer |
|
Date: August 26, 2024
v3.24.2.u1
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Aug. 22, 2024 |
Document Information [Line Items] |
|
Document Type |
8-K
|
Amendment Flag |
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|
Document Period End Date |
Aug. 22, 2024
|
Entity File Number |
0-50626
|
Entity Registrant Name |
CYCLACEL
PHARMACEUTICALS, INC.
|
Entity Central Index Key |
0001130166
|
Entity Tax Identification Number |
91-1707622
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
200
Connell Drive
|
Entity Address, Address Line Two |
Suite 1500
|
Entity Address, City or Town |
Berkeley
Heights
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
07922
|
City Area Code |
908
|
Local Phone Number |
517-7330
|
Written Communications |
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Entity Emerging Growth Company |
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|
Common Stock [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
Common
Stock, par value $0.001 per share
|
Trading Symbol |
CYCC
|
Security Exchange Name |
NASDAQ
|
Preferred Stock [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
Preferred
Stock, $0.001 par value
|
Trading Symbol |
CYCCP
|
Security Exchange Name |
NASDAQ
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