Carisma Therapeutics Inc. disclosed that it has received notices regarding non-compliance with several Nasdaq listing rules. These include the minimum market value of listed securities ($50 million MVLS Rule), minimum market value of publicly held shares ($15 million MVPHS Rule), and minimum bid price ($1.00 Bid Price Rule). A hearing regarding the MVLS non-compliance is scheduled for May 22, 2025.
The company also stated that its existing cash and cash equivalents are not expected to support operations for more than one year from the May 13, 2025 filing date. This assessment forms the basis for a 'substantial doubt about the Company's ability to continue as a going concern' disclosure, highlighting significant financial challenges.
These financial and regulatory pressures underscore the urgency of the company's strategic review process. Failure to regain Nasdaq compliance could lead to delisting, which would further complicate efforts to raise capital or complete a strategic transaction, impacting shareholder value.
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