UNITED STATES
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CURRENT REPORT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 15, 2023, Finch Therapeutics Group, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 35 consecutive business days, it did not meet the requirement to have a market value of publicly held shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), of $5.0 million pursuant to Nasdaq Listing Rule 5450(b)(1)(C) (the “MVPHS Rule”).
The deficiency letter has no immediate effect on the listing of the Common Stock on the Nasdaq Global Select Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has been provided a period of 180 calendar days, or until May 13, 2024, to regain compliance with the MVPHS Rule. To regain compliance, the market value of the Company’s publicly held shares must meet or exceed $5.0 million for a minimum of 10 consecutive business days prior to May 13, 2024, unless Nasdaq exercises its discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). There can be no assurance that the Company will be able to regain compliance or that the Company will be able to maintain its Nasdaq listing.
If the Company does not regain compliance within the compliance period, Nasdaq will provide written notification to the Company that the Common Stock will be subject to delisting.
The Company intends to monitor the trading activity of its Common Stock and will consider the various options available to the Company if its Common Stock does not trade at a level that is likely to regain compliance, including that the Company may consider applying to transfer the Common Stock to the Nasdaq Capital Market.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FINCH THERAPEUTICS GROUP, INC. | ||||||
Date: November 17, 2023 | By: | /s/ Matthew P. Blischak | ||||
Matthew P. Blischak President and Chief Executive Officer |