Iterum Therapeutics plc filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on April 3, 2024, the Listing Qualifications department of The Nasdaq Stock Market LLC ("Nasdaq") notified Iterum Therapeutics plc (the “Company”) that it did not comply with the minimum $2,500,000 stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5550(b) (the “Rule”); however, based on their review and materials submitted on May 20, 2024, Nasdaq granted the Company’s request for an extension until September 30, 2024, to comply with this requirement.
On October 1, 2024, the Company received a delisting determination letter from Nasdaq advising the Company that Nasdaq had determined that the Company did not meet the terms of the extension.
The Company submitted a hearing request to the Nasdaq Hearings Panel (the “Panel”), and, on October 9, 2024, the Company received formal notice from Nasdaq that the Panel will consider its appeal at an oral hearing on November 21, 2024. At the Panel hearing, the Company intends to present a plan to regain compliance with the minimum stockholders’ equity requirement. Pursuant to the Nasdaq Listing Rules, the hearing request has stayed the suspension of trading and delisting of the Company’s ordinary shares pending the conclusion of the hearing process. Consequently, the Company’s ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “ITRM”, at least until the Panel renders a decision following the hearing.
Pursuant to the Nasdaq Listing Rules, the Panel has the discretion to grant the Company an additional extension period not to exceed March 31, 2025. Notwithstanding, there can be no assurance that the Panel will grant the Company an additional extension period or that the Company will ultimately regain compliance with all applicable requirements for continued listing on The Nasdaq Capital Market.
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.
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Iterum Therapeutics plc |
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Date: |
October 15, 2024 |
By: |
/s/ Corey N. Fishman |
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Corey N. Fishman |