Filing Overview
MiNK Therapeutics, Inc. filed a Form 8-K reporting Nasdaq continued-listing deficiencies. The report identifies February 23, 2024 as the earliest event date and was signed on February 29, 2024. The company’s common stock trades under the symbol INKT on Nasdaq.
Financial and Operating Metrics
This filing does not provide revenue, profit, cash flow, margins, debt, liquidity, cash balance, or other financial statement metrics.
Material Changes
- Minimum Value of Listed Securities: On February 23, 2024, Nasdaq notified the company that its MVLS had been below $35.0 million for 30 consecutive trading days, violating Nasdaq Listing Rule 5550(b)(2).
- The company received until August 21, 2024 to regain compliance by maintaining MVLS of at least $35.0 million for a minimum of 10 consecutive trading days.
- Minimum bid price: On February 26, 2024, Nasdaq notified the company that its common stock had failed to maintain the required $1.00 closing bid price for 30 consecutive trading days, violating Nasdaq Listing Rule 5550(a)(2).
- The company received until August 26, 2024 to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive trading days.
Outlook, Risks, and Contingencies
- If the company does not cure the MVLS deficiency by August 21, 2024, Nasdaq may issue a delisting notice. The company could appeal a delisting determination to a Nasdaq Hearings Panel.
- If the company does not cure the minimum bid-price deficiency by August 26, 2024, it may be eligible for an additional 180-day compliance period, subject to meeting Nasdaq’s other applicable requirements and notifying Nasdaq of its intent to cure.
- If the company does not qualify for, or does not complete, the additional bid-price compliance period, Nasdaq may determine to delist the common stock, subject to appeal rights.
- Management stated that it will monitor MVLS and bid price and evaluate available options, but provided no assurance that either deficiency will be cured.
Key Facts for Investors to Verify
- Whether MiNK regained compliance with the $35.0 million MVLS requirement by August 21, 2024.
- Whether the common stock regained and maintained the $1.00 minimum bid price by August 26, 2024, or received an additional compliance period.
- Any subsequent Nasdaq delisting notice, hearing, appeal, reverse stock split, financing, or other corporate action intended to address the deficiencies.
- The company’s financial condition and liquidity, which are not disclosed in this filing.