NKGen Biotech Inc. filed SEC Form 8-K: Other Events
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Item 8.01 Other Events.
As previously disclosed, on September 10, 2024, NKGen Biotech, Inc. (the “Company”) received a notification letter (the “Delisting Notice”) from the Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that, as a result of the Company’s failure to regain compliance with Nasdaq Listing Rule 5450(b)(2)(A) (the “Global Market Requirement”), requiring the Company to maintain a market value of listed securities of at least $50 million, within the cure period, Nasdaq has determined to delist the Company’s common stock from the Nasdaq Global Market. In addition, the Delisting Notice stated that the Company’s failure to comply with its obligation to file periodic financial reports set forth in Nasdaq Listing Rule 5250(c)(1).
On September 17, 2024, the Company intends to submit a request for a hearing and stay of suspension (the “Appeal”) appealing Nasdaq’s determination by 4:00pm Eastern Time. Such Appeal will set forth the Company’s plan to regain compliance, including, among other things, that the Company intends to file an application to transfer from the Nasdaq Global Market to the Nasdaq Capital Market concurrently with the filing of the Appeal. If successful, under the continued listing requirements of the Nasdaq Capital Market, the Company will need to maintain a market value of listed securities of at least $35 million pursuant to Nasdaq Listing Rule 5550(b)(2) rather than $50 million under the Global Market Requirement. Further, on September 12, 2024, the Company filed its Quarterly Report on Form 10-Q for the period ended June 30, 2024, with the U.S. Securities and Exchange Commission, thereby regaining compliance with Nasdaq Listing Rule 5250(c)(1).
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SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NKGEN BIOTECH, INC. | ||
| Date: September 17, 2024 | /s/ Paul Y. Song | |
| Name: | Paul Y. Song | |
| Title: | Chief Executive Officer | |
| (Principal Executive Officer) | ||
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