Business Context and Reporting Period
This Form 8-K filing by Gossamer Bio, Inc. (GOSS) is dated October 19, 2023. The report addresses a regulatory notice received from the Nasdaq Stock Market regarding the company's compliance with continued listing standards.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The only financial metric disclosed is the stock price performance:
- Minimum Bid Price Requirement: $1.00 per share.
- Observed Performance: The common stock failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days between September 7, 2023, and October 18, 2023.
Material Changes
The material change reported is the receipt of a written notice from Nasdaq indicating a failure to satisfy the Minimum Bid Price Requirement under Listing Rule 5450(a)(1). This notice does not result in immediate delisting but initiates a compliance period.
Outlook, Risks, and Contingencies
Compliance Timeline: The company has 180 calendar days, until April 16, 2024, to regain compliance. To do so, the closing bid price must be at least $1.00 per share for a minimum of ten consecutive business days prior to the compliance date.
Contingencies and Risks:
- If compliance is not met by April 16, 2024, the company may be eligible for an additional 180-day period, contingent upon transferring its listing to the Nasdaq Capital Market and meeting other initial listing standards (excluding the bid price requirement).
- The company may consider a reverse stock split to cure the deficiency.
- There is no assurance that the company will regain compliance or that an appeal to a Nasdaq Hearing Panel would be successful if a delisting notice is issued.
Investor Verification Checklist
- Monitor the daily closing bid price of GOSS to determine if it sustains $1.00 for ten consecutive business days before April 16, 2024.
- Review future filings for announcements regarding a potential reverse stock split or transfer to the Nasdaq Capital Market.
- Check for any subsequent notices from Nasdaq regarding the company's ability to cure the deficiency or potential delisting determinations.