Athersys : Failure to Satisfy Listing Rule - Form 8-K
October 18, 2023 at 08:02 am EDT
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Item3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
As previously disclosed, Athersys, Inc. (the "Company") received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on October 14, 2022, that the Company no longer complied with the Market Value of Listed Securities requirement pursuant to Nasdaq Listing Rule 5550(b)(2) (the "MVLS Requirement"). The Company had been granted by the Nasdaq Hearings Panel (the "Panel") until October 10, 2023, to regain compliance with the MVLS Requirement, which represents the full extent of the Panel's discretion to grant continued listing while the Company is non-compliant. On October 12, 2023, Nasdaq requested an update from the Company and, in response, the Company submitted an update to Nasdaq on October 13, 2023 and requested additional time to regain compliance.
On October 16, 2023, the Company received a delisting determination letter from Nasdaq advising the Company that the Panel had determined that the Company was unable to demonstrate compliance with the MVLS Requirement. As a result trading of the Company's common stock will be suspended at the opening of business on October 18, 2023, and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission, removing the Company's securities from listing and registration on Nasdaq.
The Company may, but currently does not intend to, request an appeal of the Panel's determination with Nasdaq. The Company's common stock is expected to trade on the over-the-counter market.
Athersys Inc. published this content on 18 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2023 12:01:33 UTC.
Athersys, Inc. is a biotechnology company focused primarily on the field of regenerative medicine. The Company is engaged in the discovery and development of therapeutic product candidates to address unmet medical needs in multiple disease areas. Its MultiStem (invimestrocel) cell therapy, which is an allogeneic stem cell product candidate, is its lead platform product and is in late-stage clinical development. MultiStem cell therapy includes treatment of critical care indications, neurological conditions, inflammatory and immune disorders, certain pulmonary conditions, cardiovascular disease, and other conditions. MultiStem cell therapy is manufactured from human stem cells obtained from adult bone marrow and these cells are alternatively obtained from other tissue sources. It is conducting a Phase III clinical trial of MultiStem cell therapy for the treatment of ischemic stroke, referred to as MultiStem Administration for Stroke Treatment and Enhanced Recovery Study-2 (MASTERS-2).
ATHERSYS, INC. 
