Form 8-K - Current report
28 November 2023 - 8:55AM
Edgar (US Regulatory)
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2023-11-24
2023-11-24
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report (Date of earliest event reported):
November 27, 2023 (November 24, 2023)
NEKTAR THERAPEUTICS
(Exact Name of Registrant as Specified in Charter)
Delaware |
|
0-24006 |
|
94-3134940 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
455 Mission Bay Boulevard South
San Francisco, California 94158
(Address of Principal Executive Offices and
Zip Code)
Registrant’s telephone number, including
area code: (415) 482-5300
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the
Act:
Title of each class |
|
Trading symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.0001 par value |
|
NKTR |
|
Nasdaq Global Select Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01 Notice of Delisting or Failure
to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed
on the Company’s Current Report on Form 8-K filed on June 2, 2023, Nektar Therapeutics (the
“Company”) on May 26, 2023, received a written letter from Nasdaq Stock Market LLC (“Nasdaq”) stating that the
Company was not in compliance with Nasdaq Listing Rule 5450(a)(1) because the Company’s common stock did not maintain a minimum
bid price of $1.00 per share for 30 consecutive business days. The Company was given an initial 180 calendar day period, or until
November 22, 2023, to regain compliance with the minimum bid price requirement.
On
November 24, 2023, the Company received a written notice (the “Notice”) from Nasdaq stating that the Company is eligible
for an additional 180 calendar day period, or until May 20, 2024, to regain compliance with the minimum bid price requirement. In the
Notice, Nasdaq noted that the Company’s common stock had not regained compliance with the minimum bid price requirement during the
initial 180 calendar day period that ended on November 22, 2023, and that the Company had submitted written notice to Nasdaq of its intention
to cure the required minimum bid price deficiency by effecting a reverse stock split prior to May 20, 2024, if necessary. To regain compliance
with the minimum bid price requirement, the Company’s common stock must be at least $1.00 per share for a minimum of 10 consecutive
business days (and generally no more than 20 consecutive business days) during this additional 180 calendar day period.
Nasdaq also indicated in its Notice that the Company’s common stock will be transferred from
the Nasdaq Global Select Market to the Nasdaq Capital Market at the opening of business on November 28, 2023. The Nasdaq Capital Market
operates in substantially the same manner as the Nasdaq Global Select Market, and the Company’s common stock will continue to be
listed and traded under the symbol “NKTR.”
The Company will continue
to actively monitor the closing bid price for its common stock and evaluate available options to regain compliance with the minimum bid
price requirement. If the Company fails to regain compliance during the second compliance period, then Nasdaq will notify the Company
of its determination to delist the Company’s common stock. At that time, the Company may appeal Nasdaq’s delisting determination
to a Nasdaq Listing Qualifications panel (the “Panel”). There can be no assurance that, if the Company does appeal any delisting
determination by Nasdaq to the Panel, such appeal would be successful.
Forward-Looking Statements
This
Current Report on Form 8-K contains forward-looking statements which can be identified by words such as: “may,” “will,”
“intend,” “continue” and similar references to future periods. All statements, other than statements of historical
fact, may be forward-looking statements. They are based on current expectations and projections about future events and are therefore
subject to risks and uncertainties, which could cause actual results to differ materially from the future results expressed or implied
by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding
future expectations. Therefore, you should not rely on any of these forward-looking statements. The Company does not assume any obligation
to update the forward-looking information contained in this Current Report on Form 8-K.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
NEKTAR THERAPEUTICS |
|
|
|
Date: November 27, 2023 |
By: |
/s/ Mark A. Wilson |
|
|
Mark A. Wilson |
|
|
Chief Legal Officer and Secretary |
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