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On March 27, 2024, we received a written notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that we are not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on The Nasdaq Capital Market to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing (the “Stockholders’ Equity Requirement”).
−Removed: Our stockholders’ equity was $607,000 as of December 31, 2023 and, as a result, we do not currently satisfy Listing Rule 5550(b)(1).
−Removed: We have submitted a plan to Nasdaq’s Listing Qualifications Staff (“Staff”) by the required date advising of actions we have taken or will take to regain compliance with Nasdaq Listing Rule 5550(b)(1).
+Added: Our stockholders’ equity was $607,000 as of December 31, 2023 and, as a result, we did not satisfy Listing Rule 5550(b)(1).
+Added: Our stockholders’ equity as of June 30, 2024 was $999,000.
+Added: We have submitted a plan to Nasdaq’s Listing Qualifications Staff (“Staff”) advising of actions we have taken or will take to regain compliance with Nasdaq Listing Rule 5550(b)(1).
If the Staff determines to accept the plan, the Staff can grant us an extension of up to 180 calendar days from the date of the Notice to regain compliance.
If the Staff does not approve the plan, we may appeal that decision to a Nasdaq hearings panel.
−Removed: The Notice has no immediate effect on our Nasdaq listing, and our common stock will continue to be listed under the symbol “CYCC.” However, if we fail to timely regain compliance with the Nasdaq Listing Rule 5550(b)(1), then our common stock will be subject to delisting from Nasdaq.
+Added: Nasdaq has not yet responded to our plan, and there can be no assurance that Nasdaq will grant an extension or that we will be able to comply with the applicable listing standards of Nasdaq.
+Added: If, for any reason, Nasdaq were to delist our securities from trading on its exchange and we are unable to obtain listing on another reputable national securities exchange, a reduction in some or all of the following may occur, each of which could materially adversely affect our stockholders:
+Added: the liquidity and marketability of our common stock;
+Added: the market price of our common stock;
+Added: our ability to obtain financing for the continuation of our operations;
+Added: the number of institutional and general investors that will consider investing in our common stock;
+Added: the number of market makers in our common stock;
+Added: the availability of information concerning the trading prices and volume of our common stock;
+Added: the number of broker-dealers willing to execute trades in shares of our common stock.
+Added: In addition, if we cease to be eligible to trade on Nasdaq, we may have to pursue trading on a less recognized or accepted market, such as the over the counter markets, our stock may be traded as a “penny stock,” which would make transactions in our stock more difficult and cumbersome, and we may be unable to access capital on favorable terms or at all, as companies trading on alternative markets may be viewed as less attractive investments with higher associated risks, such that existing or prospective institutional investors may be less interested in, or prohibited from, investing in our common stock.
+Added: This may also cause the market price of our common stock to decline.
Unregistered Sales of Equity Securities and Use of Proceeds
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.