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Homology Medicines has an initial 180-day period through June 26, 2024 to regain compliance with Minimum Bid Price Requirement
Homology Medicines, Inc. (NASDAQ:FIXX) today announced that it received notification ("Nasdaq Notification") from The Nasdaq Stock Market LLC ("Nasdaq") on December 29, 2023 indicating that, for the last thirty (30) consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Select Market (Nasdaq Listing Rule 5450(a)(1)).
The Nasdaq Notification has no immediate effect on the listing of the Common Shares on the Nasdaq Capital Market. In accordance with the Nasdaq Notification, Homology has a compliance period of 180 calendar days from the date of the notification letter from Nasdaq, or until June 26, 2024, to regain compliance with the requisite minimum bid price requirement. As previously disclosed in the Company's Registration Statement on Form S-4 filed with the Securities and Exchange Commission on December 18, 2023, the Company intends to seek stockholder approval for a reverse stock split of its common stock at a special meeting of stockholders to be held in connection with its proposed merger with Q32 Bio Inc. and, if approved, effect the reverse stock split immediately prior to the closing of the merger. If, at any time before June 26, 2024, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of ten (10) consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement.
If the Company fails to regain compliance with the minimum bid price requirement by June 26, 2024, the Company may be eligible for a second 180 calendar day compliance period. If the Company does not qualify for or fails to regain compliance during the additional compliance period, then Nasdaq will notify the Company of its determination to delist its Common Stock, at which point the Company would have an opportunity to appeal the delisting determination to a Nasdaq hearings panel. There can be no assurance that, if the Company decides to appeal any delisting determination, such appeal would be successful.
Posted In: FIXX
