NKGen Biotech, Inc. to Transition from the Nasdaq Global Market to OTC Markets; Reverse Stock Split will not be Implemented
In This Article:
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Trading commencing on the OTC Markets on March 5, 2025.
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Trading expected to continue under ticker symbol “NKGN” for common stock and “NKGNW” for warrants.
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NKGen Biotech, Inc. (“NKGen” or the “Company”) has regained compliance on its public reporting obligations with the filing of its most recent quarterly report on Form 10-Q on March 4, 2025; and intends to continue complying with all Securities and Exchange (“SEC”) reporting requirements.
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The Company has cancelled its previously announced 1-for-6 reverse stock split.
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Enrollment in randomized Phase 2a Alzheimer’s trial is expected to be completed by the end of Q2 with an initial readout planned for later in 2025.
SANTA ANA, Calif., March 04, 2025 (GLOBE NEWSWIRE) -- NKGen Biotech, Inc. (Nasdaq: NKGN), a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic natural killer (“NK”) cell therapeutics, today announced that on March 3, 2025 it received notice that the Nasdaq Hearings Panel determined to delist the Company’s common stock from the Nasdaq Global Market after the close of trading on March 4, 2025, solely due to the Company’s continued failure to comply with Rule 5450(b)(2)(A) of Nasdaq’s Listing Requirements, related to the market value of its common stock. After delisting from Nasdaq, the Company expects that the common stock will be traded on a market operated by the OTC Markets Group, Inc. commencing on March 5, 2025. The Company intends to apply to trade on the OTCQX platform, the highest OTC tier, which requires ongoing compliance with SEC public reporting requirements. After initial trading on OTC Pink in a short transition period, NKGen’s common stock and warrants are expected to begin trading on the OTCQX platform under the same ticker symbols, “NKGN” for shares of common stock and “NKGNW” for warrants.
With the move away from Nasdaq and its minimum bid price requirement, the Company will not implement the previously announced 1-for-6 reverse stock split.
“Our Company has navigated significant challenges this past year, mostly related to the financial restructuring of our former parent company in South Korea, NKMAX, Co. Ltd.,” said Paul Y. Song, M.D., Chairman and Chief Executive Officer of NKGen. “Despite these obstacles, our science and clinical data have remained a consistent source of strength. While initially met with skepticism, our innovative approach using one’s own enhanced NK cells to improve proteins and reduce neuroinflammation in Alzheimer’s patients and other neurodegenerative diseases has gained significant traction. We’ve presented promising data at major Alzheimer’s focused medical conferences, Alzheimer’s Association International Conference (AAIC) and Clinical Trials on Alzheimer’s Disease (CTAD) in 2024, received U.S. FDA Fast Track designation, published our Phase 1 results in Alzheimer’s Research & Therapy, and attracted growing interest and support. We continue to work on funding the business to support our Phase 2 clinical trial, with the goal of achieving the necessary data and milestones towards obtaining accelerated approval. We remain intently focused on completing enrollment in our randomized Phase 2a Alzheimer’s clinical trial with an expected preliminary readout by year-end, and we look forward to resuming trading on Nasdaq once we are able to meet the necessary listing requirements and apply again.”