HCW Biologics Inc. (NASDAQ: HCWB), a clinical-stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen healthspan by disrupting the link between inflammation and age-related diseases, today reported on December 17, 2024, the Company received written notice from the Listing Qualifications Staff that it had failed to re-gain compliance for continued listing requirements of the NASDAQ Global Markets.
As previously disclosed, on June 20, 2024, the Company received written notice from the Staff, which notified the Company that, for the 30 consecutive business days ended June 17, 2024, the Company’s market value of listed securities (“MVLS”) closed below the $50,000,000 MVLS threshold required for continued listing on the Nasdaq Global Market under NASDAQ Listing Rule 5450(b)(3)(A). In accordance with NASDAQ Listing Rule 5810(c)(3)(C), the Company was provided a compliance period of 180 calendar days in which to regain compliance with the MVLS continued listing requirement, or until December 16, 2024.
The Company did not regain compliance with the MVLS Rule by December 16, 2024 and, accordingly, by letter dated December 17, 2024, the Staff notified the Company that its securities were subject to delisting from NASDAQ unless the Company timely requests a hearing before the Nasdaq Hearing Panel.
HCWB lost six cents, or 13.1%, in the first hour of trading Monday, to 39 cents.