ADC Therapeutics Receives NYSE Notice of Non-Compliance With Continued Listing Standards
07 Novembre 2023 - 1:15PM
ADC Therapeutics SA (NYSE: ADCT) today announced that on October
10, 2023, it received a notice from the New York Stock Exchange
(NYSE) that the Company is not in compliance with the continued
listing minimum price criteria set forth in Section 802.01C of the
NYSE Listed Company Manual, which requires listed companies to
maintain an average closing share price of at least $1.00 over a
consecutive 30 trading-day period.
In accordance with Section 802.01C of the NYSE
Listed Company Manual, the Company has a cure period of six months
from receipt of the notice to regain compliance with the continued
listing minimum price criteria. The notice has no immediate impact
on the listing of the Company’s common shares, which will remain
listed and traded on the NYSE during this period, subject to the
Company’s compliance with the other continued listing
requirements.
The Company can regain compliance if on the last
trading day of any calendar month during the cure period the
Company’s common shares have a closing share price of at least
$1.00 and an average closing share price of at least $1.00 over the
30 trading-day period ending on the last trading day of that month.
The Company has notified the NYSE of its intent to cure the
deficiency, which may include, if necessary, effecting a reverse
share split, subject to board and shareholder approval.
About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a
commercial-stage global leader and pioneer in the field of antibody
drug conjugates (ADCs). The Company is advancing its proprietary
ADC technology to transform the treatment paradigm for patients
with hematologic malignancies and solid tumors.
ADC Therapeutics’ CD19-directed ADC ZYNLONTA
(loncastuximab tesirine-lpyl) received accelerated approval by the
FDA and conditional approval from the European Commission for the
treatment of relapsed or refractory diffuse large B-cell lymphoma
after two or more lines of systemic therapy. ZYNLONTA is also in
development in combination with other agents and in earlier lines
of therapy. In addition to ZYNLONTA, ADC Therapeutics has multiple
ADCs in ongoing clinical and preclinical development.
ADC Therapeutics is based in Lausanne (Biopôle),
Switzerland and has operations in London, the San Francisco Bay
Area and New Jersey. For more information, please visit
https://www.adctherapeutics.com/ and follow the Company on
LinkedIn.
ZYNLONTA® is a registered trademark of ADC
Therapeutics SA.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. In some cases you
can identify forward-looking statements by terminology such as
“may”, “will”, “should”, “would”, “expect”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “predict”, “potential”,
“seem”, “seek”, “future”, “continue”, or “appear” or the negative
of these terms or similar expressions, although not all
forward-looking statements contain these identifying words.
Forward-looking statements are subject to certain risks and
uncertainties that can cause actual results to differ materially
from those described. Factors that may cause such differences
include, but are not limited to: the ability of the Company to cure
the deficiency and regain compliance with NYSE listing standards
and for the Company’s common shares to remain listed on the NYSE;
the success of the Company’s updated corporate strategy including
operating efficiencies, capital deployment and portfolio
prioritization; the Company’s ability to achieve the decrease in
total operating expenses for 2023 and 2024, the expected cash
runway into the middle of 2025, the effectiveness of the new
commercial go-to-market strategy, competition from new
technologies, the Company’s ability to continue to commercialize
ZYNLONTA® in the United States and future revenue from the same;
Swedish Orphan Biovitrum AB (Sobi®) ability to successfully
commercialize ZYNLONTA® in the European Economic Area and market
acceptance, adequate reimbursement coverage, and future revenue
from the same; approval by the NMPA of the BLA for ZYNLONTA in
China submitted by Overland ADCT BioPharma and future revenue from
the same, our strategic partners’, including Mitsubishi Tanabe
Pharma Corporation, ability to obtain regulatory approval for
ZYNLONTA® in foreign jurisdictions, and the timing and amount of
future revenue and payments to us from such partnerships; the
Company’s ability to market its products in compliance with
applicable laws and regulations; the Company’s expectations
regarding the impact of the Infrastructure Investment and Jobs Act;
the timing and results of the Company’s or its partners’ research
projects or clinical trials including LOTIS 5 and 7, ADCT 901, 601
and 602, the impact, if any, from discontinuation of the LOTIS-9
study, actions by the FDA or foreign regulatory authorities with
respect to the Company’s products or product candidates, the timing
and outcome of regulatory submissions for the Company’s products or
product candidates; the ability to complete clinical trials on
expected timelines, if at all; projected revenue and expenses; the
Company’s indebtedness, including Healthcare Royalty Management and
Blue Owl and Oaktree facilities, and the restrictions imposed on
the Company’s activities by such indebtedness, the ability to repay
such indebtedness and the significant cash required to service such
indebtedness; and the Company’s ability to obtain financial and
other resources for its research, development, clinical, and
commercial activities. Additional information concerning these and
other factors that may cause actual results to differ materially
from those anticipated in the forward-looking statements is
contained in the “Risk Factors” section of the Company's Annual
Report on Form 20-F and in the Company's other periodic reports and
filings with the Securities and Exchange Commission. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance, achievements or
prospects to be materially different from any future results,
performance, achievements or prospects expressed in or implied by
such forward-looking statements. The Company cautions investors not
to place undue reliance on the forward-looking statements contained
in this document. The Company undertakes no obligation to revise or
update these forward-looking statements to reflect events or
circumstances after the date of this press release, except as
required by law.
CONTACTS:
InvestorsEugenia LitzADC
TherapeuticsEugenia.Litz@adctherapeutics.com+44 7879 627205+1
908-723-2350
MediaNicole RileyADC
TherapeuticsNicole.Riley@adctherapeutics.com+1 862-926-9040
ADC Therapeutics (NYSE:ADCT)
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