Cyclacel Pharmaceuticals Faces Potential Delisting from Nasdaq Stock Market Due to Minimum Bid Price Noncompliance

Cyclacel Pharmaceuticals Inc. (NASDAQ: CYCC) recently disclosed in a filing with the Securities and Exchange Commission that it received written notice from The Nasdaq Stock Market LLC indicating that its common stock did not meet the minimum bid price requirement. The notice, dated December 6, 2024, indicated that the closing bid price of Cyclacel’s common stock fell below the Nasdaq Listing Rule 5550(a)(2) threshold of $1.00 per share for 30 consecutive business days.

As a result of this noncompliance, Cyclacel Pharmaceuticals now enters a 180-day grace period to rectify the situation. During this period, which extends until June 4, 2025, the company has the opportunity to restore its common stock bid price to or above $1.00 for a minimum of 10 consecutive business days to regain compliance with Nasdaq regulations.

This notice does not lead to any immediate repercussions on the trading or listing of Cyclacel Pharmaceuticals’ common stock, which will continue to be available for trading on the Nasdaq Stock Market under the symbol “CYCC.”

To address the bid price deficiency, Cyclacel Pharmaceuticals stated its intent to carefully monitor the bid price levels and explore potential strategies to meet the compliance requirements within the specified timeframe, including the possibility of a reverse stock split. However, despite these efforts, there can be no guarantee that the company will succeed in regaining compliance within the initial 180-day period.

If Cyclacel Pharmaceuticals fails to regain compliance within the specified timeframe, including any extensions that may be granted by Nasdaq, the company may face the risk of delisting from the Nasdaq Capital Market. In such a scenario, Cyclacel would have the option to appeal the delisting decision to a hearings panel.

Cyclacel Pharmaceuticals emphasized its commitment to address the bid price issue diligently and will work towards meeting the compliance standards set by Nasdaq within the provided timeframe. The company hopes to navigate through this situation effectively and maintain its listing on the Nasdaq Stock Market.

For further updates and developments regarding Cyclacel Pharmaceuticals’ compliance efforts and bid price restoration, investors and stakeholders are advised to stay informed as the situation progresses.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cyclacel Pharmaceuticals’s 8K filing here.

Cyclacel Pharmaceuticals Company Profile

Cyclacel Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops medicines for the treatment of cancer and other proliferative diseases in the United States, the United Kingdom, and internationally. The company's lead product includes fadraciclib, a cyclin dependent kinase Inhibitors (CDK) that is in Phase 1/2 clinical trial for the treatment of solid tumors and hematological malignancies, as well as in combination with venetoclax to treat relapsed or refractory chronic lymphocytic leukemia; and Plogosertib, a polo-like kinase inhibitor program, which is in Phase 1/2 clinical trial for the treatment of advanced solid tumors and hematological malignancies.