SEC Form 8-K filed by Molecular Templates Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On December 16, 2024, Molecular Templates, Inc. (the “Company”) received a notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon Nasdaq’s review of the Company and pursuant to Nasdaq Listing Rule 5101, Nasdaq believes that the Company is a “public shell,” and that the continued listing of the Company’s securities is no longer warranted. Unless the Company timely requests an appeal, trading of the Company’s common stock will be suspended from trading on the Nasdaq Stock Market at the opening of business on December 26, 2024 and a Form 25 Notification of Delisting will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq. The Company does not plan to appeal Nasdaq’s determination.
As previously disclosed, on November 25, 2024, the Company received a written notice from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had not yet filed its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. The Company has not filed its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024 as of the date of this Current Report on Form 8-K. In accordance with Nasdaq Listing Rule 5810(c)(2), the Staff advised the Company that the Staff cannot review a plan to regain compliance with this deficiency, and as a result and according to the Notice, the Company’s failure to timely its file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024 serves as an additional and separate basis for delisting.
As previously disclosed, on November 25, 2024, the Company received a written notice from Nasdaq notifying the Company that, for the preceding 30 consecutive business days, the bid price of the Company’s common stock closed below the minimum $1.00 per share required for continued inclusion under Nasdaq Listing Rule 5550(a)(2). In light of the delisting determinations described above, the Staff determined to apply more stringent criteria pursuant to its discretionary authority under Listing Rule 5101 and terminated the 180-day compliance period for this bid price deficiency. As a result and according to the Notice, the Company’s failure to comply with Listing Rule 5550(a)(2) serves as an additional and separate basis for delisting.
Cautionary Information Regarding Trading in the Company’s Securities
The Company cautions that trading in the Company’s securities is highly speculative and poses substantial risks. Trading prices for the Company’s securities likely bear little or no relationship to the actual value realized, if any, by holders of the Company’s securities. The Company currently has extremely limited resources to continue or wind down operations. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
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.
| Molecular Templates, Inc. | ||||||
| Dated: December 19, 2024 | ||||||
| By: | /s/ Eric E. Poma, Ph.D. | |||||
| Name: | Eric E. Poma, Ph.D. | |||||
| Title: | Chief Executive Officer, Chief Scientific Officer and Interim Chief Financial Officer | |||||