Nasdaq Grants Sesen Bio Exception From Listing Non-Compliance To Complete Proposed Merger With Carisma Therapeutics

On February 24, 2023, Sesen Bio, Inc. (the “Company”) received a determination from The Nasdaq Stock Market LLC (“Nasdaq”) Office of General Counsel that the Nasdaq Hearings Panel (the “Panel”) has granted the Company an exception from the Company’s non-compliance with the $1.00 bid price requirement (Nasdaq Listing Rule 5550(a)(2)) to complete the proposed merger with Carisma Therapeutics Inc. (“Carisma”) by March 10, 2023. Pursuant to Nasdaq Listing Rule 5110(a), the Company must demonstrate compliance with all initial listing requirements of Nasdaq upon the closing of the proposed merger. The Company was scheduled for a hearing with the Panel on March 16, 2023.

The Company is seeking approval for the proposed merger with Carisma and the implementation of a reverse stock split of its common stock, par value $0.001 (the “Common Stock”), at its Special Meeting of Stockholders scheduled for 10:00 a.m. Eastern Time on March 2, 2023.