Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, on March 27, 2023, Codiak BioSciences, Inc. (the
"Company") filed a voluntary petition for relief under Chapter 11 of Title 11 of
the United States Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware (the "Filing"), thereby commencing a Chapter 11 case for
the Company (Case No. 23-10350).
On March 27, 2023, the Company received notice from the Listing Qualifications
Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating
that, after a review of publicly available information related to the Filing and
in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the Staff
has determined that the Company's securities will be delisted from Nasdaq.
Trading of the Company's common stock will be suspended at the opening of
business on April 5, 2023, and a Form 25-NSE will be filed with the Securities
and Exchange Commission, which will remove the Company's securities from listing
and registration on Nasdaq. Nasdaq's determination is based on the Filing and
associated public interest concerns raised by it; concerns regarding the
residual equity interest of the existing listed securities holders; and concerns
about the Company's ability to sustain compliance with all requirements for
continued listing on Nasdaq.
The Company may appeal Nasdaq's determination, pursuant to the procedures set
forth in the Nasdaq Listing Rule 5800 Series, for a fee of $20,000, no later
than 4:00 p.m. Eastern Time on April 3, 2023. However, even if the Company were
to appeal Nasdaq's determination, there can be no assurance that Nasdaq would
grant the Company's request for continued listing.
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CODIAK BIOSCIENCES 