ImmunoCellular Therapeutics Receives Notice from NYSE MKT for Noncompliance with Continued Listing Standards
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Los Angeles, CA (PRNewswire) June 29, 2017
-- ImmunoCellular Therapeutics, Ltd. ("ImmunoCellular") (NYSE MKT: IMUC) today announced it has received notification from the NYSE MKT LLC that the Company is not in compliance with certain NYSE MKT continued listing standards relating to stockholders' equity.
ImmunoCellular has received a Deficiency Letter indicating that the Company is not in compliance with Part 10, Section 1003(a)(iii) of the NYSE MKT Company Guide (requiring stockholders' equity of $6.0 million or more if it has reported losses from continuing operations and/or net losses in its five most recent fiscal years). As of March 31, 2017, the Company had stockholders' equity of $0.4 million. The Company is required to submit a plan to the NYSE MKT by July 23, 2017 advising of actions it has taken or will take to regain compliance with the continued listing standards by December 23, 2018. The Company intends to submit a plan by the July 23, 2017 deadline. If the Company fails to submit a plan by July 23, 2017, if the Company's plan is not accepted or if the Company fails to regain compliance by December 23, 2018, the NYSE MKT may commence delisting procedures.
ImmunoCellular's common stock will continue to be listed on the NYSE MKT while it attempts to regain compliance with the listing standards noted, subject to the Company's compliance with other continued listing requirements. The Company's common stock will continue to trade under the symbol "IMUC," but will have an added symbol of ".BC" to indicate that the Company is below compliance with the NYSE MKT's listing standards. The NYSE MKT notification does not affect the Company's business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of the Company's material agreements.
About ImmunoCellular Therapeutics, Ltd.
ImmunoCellular Therapeutics, Ltd. is a Los Angeles-based clinical-stage company that is developing immune-based therapies for the treatment of brain and other cancers. ImmunoCellular's pipeline includes: a Stem-to-T-cell research program, which engineers hematopoietic stem cells to generate cytotoxic T cells; ICT-121, a patient-specific, dendritic cell-based immunotherapy targeting CD133 found in recurrent glioblastoma; and ICT-140, a patient-specific, dendritic cell-based immunotherapy targeting ovarian cancer. ImmunoCellular recently suspended further patient randomization in its phase 3 trial of ICT-107 in HLA-A2 patients while it pursues a collaborative arrangement or acquisition of its ICT-107 program. To learn more about ImmunoCellular, please visit www.imuc.com.
Forward-Looking Statements for ImmunoCellular Therapeutics
This press release contains certain forward-looking statements, including statements regarding ImmunoCellular'sintentions and current expectations concerning, among other things, whether ImmunoCellular's ability to timely submit a plan of compliance; ImmunoCellular's ability to regain compliance with the NYSE MKT LLC's listing standards; and ImmunoCellular's ability to achieve its other clinical, operational, strategic and financial goals. Forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including the risk that the Company will not be able to regain compliance with the NYSE MKT LLC'slisting standards and the risk that the NYSE MKT may not accept the Company's plan of compliance. Additional risks and uncertainties are described under the heading "Risk Factors" in ImmunoCellular's most recently filed quarterly report on Form 10-Q for the period ended March 31, 2017. Except as required by law, ImmunoCellularundertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ImmunoCellular Therapeutics, Ltd.
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SOURCE ImmunoCellular Therapeutics, Ltd.