Form 8-K - Current report
September 29 2023 - 5:00PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): September 25, 2023
Onconova Therapeutics, Inc.
(Exact name of Registrant as specified in its
charter)
Delaware |
|
001-36020 |
|
22-3627252 |
(State or Other Jurisdiction
of Incorporation or Organization) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
12 Penns Trail
Newtown, PA 18940 |
(267) 759-3680 |
(Address,
Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common
Stock, par value $.01 per share |
|
ONTX |
|
The
Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
Item 3.01 Notice of Delisting or Failure to Satisfy a Continuing
Listing Rule or Standard; Transfer of Listing.
On September 25, 2023, the Company received a
letter from The Nasdaq Capital Market (“Nasdaq”) indicating that the Company has failed to comply with the minimum bid price
requirement of Nasdaq Listing Rule 5550(a)(2). Nasdaq Listing Rule 5550(a) (2) requires that companies listed on Nasdaq maintain a minimum
closing bid price of at least $1.00 per share.
Under Nasdaq Listing Rule 5810(c)(3)(A), the Company
has a 180 calendar day grace period, or until March 25, 2024, to regain compliance by meeting the continued listing standard. The continued
listing standard will be met if the Company’s common stock has a minimum closing bid price of at least $1.00 per share for a minimum
of ten consecutive business days during the 180 calendar day grace period.
If the Company is not in compliance by March 25,
2024, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify, the Company would be required to
meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq
Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intention
to cure the minimum bid price deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
If the Company does not regain compliance within
the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company’s
common stock will be subject to delisting. At that time, the Company may appeal the Nasdaq Staff’s determination to a Nasdaq Hearings
Panel.
The Company intends to monitor the closing bid
price of the Company’s common stock and consider its available options to resolve the noncompliance with the minimum bid price requirement.
There can be no assurance that the Company will
be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Dated: September 29, 2023 |
Onconova Therapeutics, Inc. |
|
|
By: |
/s/ MARK GUERIN |
|
|
Name: Mark Guerin |
|
|
Title: Chief Operating Officer & Chief Financial
Officer |
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