SELLAS Life Sciences Group, Inc 8-K, filed Dec 8, 2023
SELLAS Life Sciences Group, Inc. (SLS)
About this 8-K
SELLAS Life Sciences Group, Inc filed this 8-K on December 8, 2023, reporting on events of December 6, 2023.
Items reported
- Item 3.01: Delisting notice or listing transfer
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On December 6, 2023, SELLAS Life Sciences Group, Inc. (the “Company”) received a letter from The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it no longer meets Nasdaq’s requirements for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2) (the “MVLS Rule”) because, for a period of 30 consecutive business days, the market value of the Company’s common stock, calculated based upon the most recent total shares outstanding multiplied by the closing bid price per share, has not maintained a minimum of $35.0 million.
The letter does not impact the Company’s listing on the Nasdaq Capital Market at this time, and the Company’s common stock currently remains listed on the Nasdaq Capital Market under the symbol SLS.
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a period of 180 calendar days, or until June 3, 2024, in which to regain compliance with the MVLS Rule. To regain compliance, the market value of the Company’s common stock must meet or exceed $35.0 million for a minimum of 10 consecutive business days during the 180-day compliance period. If the Company has not regained compliance with the MVLS Rule by June 3, 2024, Nasdaq will provide notice to the Company that its securities will be subject to delisting, in which case the Company may appeal the delisting determination to a Nasdaq Hearings Panel.
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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 hereunto duly authorized.
| SELLAS Life Sciences Group, Inc. | |||
| Date: December 8, 2023 | By: | /s/ Barbara A. Wood | |
| Name: | Barbara A. Wood | ||
| Title: | Executive Vice President, General Counsel and Corporate Secretary | ||
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