Kiromic BioPharma, Inc. (NASDAQ:KRBP) (“Kiromic” or the “Company”),a clinical-stage fully integrated biotherapeutics company using its proprietary DIAMOND® artificial intelligence (AI) and big data mining platform to discover and develop cell and gene therapies with a therapeutic focus on immuno-oncology and other diseases, today announced that it received a written notice (the “Notice”) on November 18, 2021 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) advising the Company that it was not in compliance with Nasdaq’s continued listing requirements under the Nasdaq Listing Rule 5250(c)(1) (the “Rule”) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the “Form 10-Q”) in a timely manner.
As previously reported by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (“SEC”) on November 16, 2021, the Company was unable to file its Form 10-Q within the prescribed time period without unreasonable effort or expense.
Nasdaq has informed the Company that, under Nasdaq rules, the Company has 60 calendar days to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the Filing’s due date of the Form 10-Q, or until May 16, 2022, to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.
The Notice has no immediate effect on the listing or trading of the Company’s securities.
The Company is working diligently to complete its Form 10-Q. The Company intends to file the Form 10-Q with the SEC as promptly as practicable.