Cidara Therapeutics, Inc. (NASDAQ:CDTX) (the Company), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, announced on April 17, 2024, that the Company received a notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (Nasdaq) advising the Company that its failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the Form 10-K) with the Securities and Exchange Commission (the SEC), in contravention of Nasdaq Listing Rule 5250(c)(1) (the Filing Requirement), could serve as an additional deficiency and basis for the delisting of the Company’s securities from Nasdaq.
The Company was provided with the opportunity and plans to timely submit its plan to evidence compliance with the Filing Requirement for consideration by the Nasdaq Hearings Panel (the Panel) indicating that the Company filed the Form 10-K with the SEC on April 22, 2024, and as announced on April 22, 2024, will implement a reverse stock split of its common stock at a ratio of 1-for-20 shares effective for marketplace purposes with the open of business on Wednesday, April 24, 2024.
As previously disclosed, by letter dated February 8, 2024, the Panel granted the Company’s request for continued listing on Nasdaq, subject to the Company regaining compliance with Nasdaq’s $1.00 bid price requirement by May 7, 2024.
