Codiak BioSciences : Failure to Satisfy Listing Rule - Form 8-K

8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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):

March 27, 2023

Codiak BioSciences, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-39615		47-4926530
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification Number)

35 CambridgePark Drive, Suite 500

Cambridge, MA02140

(Address of principal executive offices and zip code)

[phone]

(Registrant's telephone number, including area code)

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 (17 CFR 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 $0.0001 per share		CDAK		Nasdaq Global Market

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 ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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-NSEwill 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.

SIGNATURES

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.

		Codiak BioSciences, Inc.
Dated: March 28, 2023			By:		/s/ Douglas E. Williams, Ph.D.
			Douglas E. Williams, Ph.D.
			Chief Executive Officer and President