IO Biotech Receives Notice from Nasdaq Regarding Minimum Bid Price Requirement

On December 26, 2024, IO Biotech, Inc. (NASDAQ:IOBT) received a notice from the Listing Qualifications staff of The Nasdaq Stock Market LLC indicating that the closing bid price for the company’s common stock had been below $1.00 per share for 30 consecutive trading days. This non-compliance puts IO Biotech at risk of not meeting the minimum bid price requirement for continued listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1).

Despite this notice, there is no immediate impact on the listing of IO Biotech’s common stock on the Nasdaq Global Select Market. The company will continue to trade on this platform. As per Nasdaq Listing Rule 5810(c)(3)(A), IO Biotech has been granted an initial compliance period of 180 calendar days, until June 24, 2025, to regain compliance with the minimum bid price requirement. To achieve compliance, the closing bid price of the common stock must be equal to or exceed $1.00 per share for at least 10 consecutive trading days before the deadline.

In an attempt to rectify the situation, if IO Biotech fails to meet the compliance by June 24, 2025, the company may have the option to apply for an additional 180 calendar days. This potential extension would involve transferring the listing of its common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market. For this to materialize, IO Biotech must adhere to the continued listing requirement for the market value of its publicly held shares and all other original listing criteria for the Nasdaq Capital Market, excluding the minimum bid price requirement. The company would also need to provide written notice detailing its plan to rectify the minimum bid price deficiency during this second compliance period.

IO Biotech is aware that Nasdaq will evaluate its ability to correct this deficiency during the review process. If Nasdaq concludes that the company is unable to rectify the deficiency or is ineligible for an additional compliance period, IO Biotech will receive notice of potential delisting. In such an event, the company will retain the right to challenge any decision to delist its common stock, with the stock remaining listed on the Nasdaq Global Select Market throughout the appeal process.

It is essential to note that there are no guarantees that IO Biotech will successfully regain compliance with the minimum bid price requirement or meet other relevant Nasdaq listing regulations. Investors and stakeholders are encouraged to monitor the company’s progress closely as it works towards addressing these issues.

As per regulatory requirements, Mai-Britt Zocca, Ph.D., the Chief Executive Officer of IO Biotech, signed the report on behalf of the company on December 27, 2024.

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

IO Biotech Company Profile

IO Biotech, Inc, a clinical-stage biopharmaceutical company, develops immune-modulating therapeutic cancer vaccines based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive mechanisms mediated by Indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 3 clinical trial to treat melanoma, as well as in phase 2 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.