GENOCEA BIOSCIENCES, INC. (NASDAQ:GNCA) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On December 13, 2018, the Company received notice from The Nasdaq Stock MarketLLC ("Nasdaq") that the Company has been granted an additional 180 calendar days, or until June 11, 2019, to regain compliance with the minimum $1.00 bid price per share requirement of the Nasdaq listing rules.
As previously disclosed, on June 15, 2018, the Company received a written notification from Nasdaq's Listing Qualifications Department that it had failed to comply with Nasdaq Listing Rule5450(a)(1) because the bid price for the Company's common stock over a period of 30 consecutive business days prior to such date had closed below the minimum $1.00 per share requirement for continued listing. In accordance with Nasdaq Listing Rule5810(c)(3)(A), the Company was afforded an initial period of 180 calendar days, or until December 12, 2018, to regain compliance with Rule5450(a)(1).
The Company determined that it would not be in compliance with Rule5450(a)(1) by December 12, 2018, and on November 19, 2018, submitted an application to transfer the Company's common stock from listing on the Nasdaq Global Market to the Nasdaq Capital Market. Doing so allowed the Company to become eligible for an additional 180day compliance period provided for companies listed on the Nasdaq Capital Market, provided that the Company met the continued listing requirements for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the minimum bid price requirement, and provided written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
In accordance with the original notification, the Company indicated in its transfer application that it met all of the other continuing listing requirements for the Nasdaq Capital Market, with the exception of the bid price requirement, and provided written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
Accordingly, at the opening of business on December 17, 2018, the listing of the shares of the Company's common stock will be transferred from the Nasdaq Global Market to the Nasdaq Capital Market. The Company's common stock will continue to trade under the symbol "GNCA."
If at any time before June 10, 2019 the bid price of the Company's common stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notice that the Company has achieved compliance with the Nasdaq listing rules. If the Company does not regain compliance by June 10, 2019, the Company expects that Nasdaq will provide written notice that the Company's common stock will be delisted. At that time, the Company may appeal Nasdaq's determination to a Nasdaq hearing panel.
The Company will continue to monitor the bid price for its common stock and consider various other options available to it if its common stock does not trade at a level that is likely to regain compliance.
About GENOCEA BIOSCIENCES, INC. (NASDAQ:GNCA)
Genocea Biosciences, Inc. is a biopharmaceutical company. The Company discovers and develops vaccines and immunotherapies. It uses its discovery platform, AnTigen Lead Acquisition System (ATLAS), to design vaccines and immunotherapies that act, in part, through T cell (or cellular) immune responses. The Company operates through business of developing and commercializing vaccines segment. It has one product candidate in Phase II clinical development: GEN-003, which is a therapeutic vaccine or immunotherapy for the treatment of genital herpes infections. It has pre-clinical development programs, which include GEN-001, which is indicated for the treatment of chlamydia prophylaxis, and GEN-002, which indicated for the treatment of genital herpes prophylaxis both of which are in pre-clinical stage of development. The Company’s pipeline also includes GEN-005, which is under malaria prophylaxis, Epstein-Barr virus and immuno-oncology programs in research stage of development.
