Aridis Pharmaceuticals receives Nasdaq notice on late filing of Form 10-K

Aridis Pharmaceuticals announced that it received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC on April 19, 2023 indicating that the company is not currently in compliance with Nasdaq’s Listing Rules due to the company’s inability to timely file its Form 10-K for the year ended December 31, 2022 with the SEC. The Notice has no immediate effect on the listing or trading of the company’s securities. Pursuant to Listing Rule 5250(c)(1), the company was required to file the Form 10-K by April 17, 2023. The company previously reported its inability to file the Form 10-K by the Due Date in a Form 12b-25 that the company filed with the SEC on March 31, 2023. Under Nasdaq rules, a company that receives a delist determination for delinquency, can request an appeal to a Hearings Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. A request for a hearing regarding a delinquent filing will stay the suspension of the company’s securities only for a period of 15 days from the date of the request. In that regard, since the company is already before a Hearings Panel for its failure to comply with the $35 million minimum market value of listed securities requirement under Listing Rule 5550(b)(2), the company will have seven days, or until April 26, 2023, to request a stay of the suspension, pending a Hearings Panel decision. A Panel will review the request for an extended stay and notify the company of its conclusion as soon as is practicable, but in any event no later than 15 calendar days following the deadline to request a further stay. The company is working diligently to complete the Form 10-K. The company anticipates filing the Form 10-K as promptly as practicable.