Galera Therapeutics : Failure to Satisfy Listing Rule - Form 8-K
June 03, 2024 at 07:03 am EDT
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Item 3.01.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 31, 2024, Galera Therapeutics, Inc. (the "Company") received written notice (the "Notice") from the Office of General Counsel of The Nasdaq Stock Market ("Nasdaq") indicating that the Nasdaq Hearings Panel has determined to delist the Company's shares from Nasdaq due to the Company's failure to meet Nasdaq's continued listing standards. As previously disclosed, the Company is in violation of the requirements to maintain a minimum average market value of listed securities, as set forth in Nasdaq Listing Rule 5450(b)(2)(A), the minimum bid price requirement, as set forth in Nasdaq Listing Rule 5450(a)(1), and the minimum market value of publicly held shares, as set forth in Listing Rule 5450(b)(2)(C). The Notice indicated that trading in the Company's shares of common stock (the "Common Stock") on Nasdaq will be suspended effective at the open of trading on Tuesday, June 4, 2024.
Upon suspension of the trading of its Common Stock on Nasdaq, the Company expects that its Common Stock will be quoted under its existing symbol "GRTX" on the OTC Markets Group.
The Company has the right to request a review of the Nasdaq Hearings Panel's decision.
This Current Report on Form 8-K("Form 8-K")contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Form 8-Kthat do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the timing of the suspension of and delisting of the Company's Common Stock, and the trading of the Common Stock on the OTC Market. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and other important factors, including those factors discussed under the caption "Risk Factors" in the Company's Annual Report on Form 10-Kfor the year ended December 31, 2023 filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this Form 8-K.Any forward-looking statements speak only as of the date of this Form 8-Kand are based on information available to the Company as of the date of this Form 8-K,and the Company assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
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Galera Therapeutics, Inc. is a biopharmaceutical company focused on developing a pipeline of novel, therapeutic candidates that have the potential to transform radiotherapy in cancer. The Companyâs lead product candidate, avasopasem manganese (avasopasem), is a highly selective small molecule dismutase mimetic that the Company is developing for the reduction of severe oral mucositis (SOM) in patients with head and neck cancer (HNC), the reduction of esophagitis in patients with lung cancer, and the reduction of cisplatin-induced kidney damage in patients with cancer. The Companyâs second product candidate, rucosopasem manganese (rucosopasem), is in development to augment the anti-cancer efficacy of stereotactic body radiation therapy in patients with non-small cell lung cancer and locally advanced pancreatic cancer. Rucosopasem is an orphan drug designation and orphan medicinal product designation for the treatment of pancreatic cancer.
GALERA THERAPEUTICS, INC. 
