NuCana Announces Receipt Of NASDAQ Notice
NuCana plc (NASDAQ:NCNA) announced that it received written notification (the "Notification Letter") from The Nasdaq Stock Market LLC ("Nasdaq") dated January 3, 2023, indicating that, based upon a closing bid price of less than $1.00 per share for the Company's American Depositary Shares ("ADSs") for the prior 30 consecutive business day period, the Company no longer satisfies Nasdaq Listing Rule 5450(a)(1).
The Notification Letter has no immediate effect on the listing of the ADSs, and they will continue to trade on The Nasdaq Global Select Market under the symbol "NCNA".
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until July 3, 2023. The Company intends to monitor the closing bid price of its ADSs during this grace period and will consider its options in order to regain compliance with The Nasdaq Global Select Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period, and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period.
The Company intends to regain compliance within the applicable compliance period and is currently evaluating its options to do so. During this time, the Company's ADSs will continue to be listed and trade on The Nasdaq Global Select Market. If the Company is unable to regain compliance prior to July 3, 2023, it may seek to transfer its listing to The Nasdaq Capital Market, provided that it meets the continued listing requirements for such market, other than the bid price requirement, at which time the Company may be provided with an additional period during which it would seek to regain compliance with the bid price requirement. The Company's business and operations are not affected by the receipt of the Notification Letter.