Business Context and Reporting Period
This Form 8-K is a current report filed by Anchiano Therapeutics Ltd. (trading symbol: ANCN) on April 15, 2020. The registrant is an emerging growth company incorporated in Israel with principal executive offices in Cambridge, MA. The report addresses a specific regulatory event regarding the company's listing status on the Nasdaq Capital Market.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on a compliance issue related to the company's stock price rather than financial performance metrics.
Material Changes
The material event reported is the receipt of a deficiency letter from the Nasdaq Stock Market. The letter notified the company that for the last 30 consecutive business days, the closing bid price of its American Depositary Shares (ADS) has failed to maintain the minimum required price of $1.00 per ADS.
Outlook, Risks, and Contingencies
- Compliance Period: The company has been granted 180 calendar days, until October 12, 2020, to regain compliance with the minimum bid price requirement.
- Trading Status: The deficiency letter does not result in immediate delisting. ADSs will continue to trade uninterrupted on the Nasdaq Capital Market under the symbol "ANCN."
- Compliance Criteria: To regain compliance, the closing bid price must be at least $1.00 per ADS for a minimum of 10 consecutive business days prior to the October 12, 2020 deadline.
- Risk: Failure to meet the minimum bid price requirement within the specified timeframe could result in delisting.
Investor Verification Checklist
- Verify the current closing bid price of ANCN ADSs to assess proximity to the $1.00 threshold.
- Monitor the company's stock price for 10 consecutive business days to determine if compliance is achieved before the October 12, 2020 deadline.
- Review subsequent filings for any updates on the company's plan to address the low stock price or potential reverse stock splits.
- Confirm that the company remains an emerging growth company and has elected not to use the extended transition period for accounting standards.