Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, on October 23, 2022, PhaseBio Pharmaceuticals, Inc. (the
"Company") filed a voluntary petition for relief under Chapter 11 of Title 11 of
the United States Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware (the "Filing"), thereby commencing a Chapter 11 case for
the Company (Case No. 22-10995).
On October 25, 2022, the Company received notice from the Listing Qualifications
Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating
that, after a review of publicly available information related to the Filing and
in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the Staff
has determined that the Company's securities will be delisted from Nasdaq.
Trading of the Company's common stock will be suspended at the opening of
business on November 3, 2022, and a Form 25-NSE will be filed with the
Securities and Exchange Commission, which will remove the Company's securities
from listing and registration on Nasdaq. Nasdaq's determination is based on the
Filing and associated public interest concerns raised by it; concerns regarding
the residual equity interest of the existing listed securities holders; and
concerns about the Company's ability to sustain compliance with all requirements
for continued listing on Nasdaq.
The Company may appeal Nasdaq's determination, pursuant to the procedures set
forth in the Nasdaq Listing Rule 5800 Series, for a fee of $10,000, no later
than 4:00 p.m. Eastern Time on November 1, 2022. However, even if the Company
were to appeal Nasdaq's determination, there can be no assurance that Nasdaq
would grant the Company's request for continued listing.
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