Carisma Therapeutics Inc. (NASDAQ: CARM) announced on December 5 2025 that its Board has approved a voluntary delisting of its common stock from the Nasdaq Stock Market and the deregistration of its shares with the Securities and Exchange Commission. The move will terminate the company’s reporting obligations under the Exchange Act and shift its trading to the OTC Markets Group under the symbol “CARM.”
The decision follows a determination letter from Nasdaq dated October 9 2025, citing non‑compliance with the exchange’s bid‑price rule, minimum market value of listed securities rule, and minimum market value of publicly held shares rule. Carisma’s common stock had been suspended from Nasdaq trading on October 13 2025 and has since been listed on the OTCID tier. The company plans to file a Form 25 with the SEC to effect the delisting and a Form 15 to suspend reporting, with deregistration expected 90 days after the Form 15 filing.
Carisma’s board stated that the company’s limited cash position and ongoing financial distress have led to a strategic review that will wind down operations and monetize remaining assets. The company’s cash reserves fell to $7.7 million at the end of Q1 2025, down from $17.9 million at the end of 2024, and net losses have narrowed from $19.0 million in Q1 2024 to $9.3 million in Q1 2025. These figures illustrate the severe liquidity constraints that prompted the delisting.
The delisting will reduce liquidity for investors and may impact the company’s ability to raise capital or pursue a strategic transaction. Management emphasized that the company is unlikely to generate a meaningful cash distribution for shareholders during the wind‑down. CEO Steven Kelly noted that the company is “pursuing strategic alternatives and executing an orderly wind‑down of our operations” and that “the limited cash position and regulatory non‑compliance have made continued public trading unsustainable.”
Market reaction to the announcement was sharply negative, with the stock falling 41.6 % on October 10 2025 following the Nasdaq determination letter. The steep decline reflected investors’ concerns about the loss of liquidity, the company’s terminal financial state, and the bleak outlook for shareholder recovery.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.