Summary by Moomoo AI
TransCode Therapeutics, Inc. is facing potential delisting from The Nasdaq Capital Market due to non-compliance with several listing requirements. The company, incorporated in Delaware and trading under the symbol RNAZ, received a Minimum Bid Price Deficiency Letter from Nasdaq on August 13, 2024, indicating that its stock had not met the minimum closing bid price of $1.00 per share for 30 consecutive business days. Additionally, TransCode received a Stockholders' Equity Requirement Deficiency Letter for failing to maintain the minimum stockholders' equity of $2.5 million. A subsequent Shareholder Approval Deficiency Letter was issued on September 23, 2024, due to the company's issuance of shares at a significant discount without obtaining shareholder approval, which is required for transactions involving the issuance of 20% or more of the pre-transaction shares outstanding. The company has appealed the delisting determination and a hearing with the Nasdaq Hearings Panel is scheduled for October 1, 2024. The outcome of the hearing will determine whether TransCode can regain compliance and maintain its listing on The Nasdaq Capital Market.
