Taysha Gene Therapies Faces Nasdaq Delisting Warning

Taysha Gene Therapies, Inc., a biotechnology company, has received a notice from the Nasdaq Stock Market that its common stock may be delisted due to a prolonged period of low share price. The warning comes as the company struggles to maintain its minimum bid price requirement of $1.00 per share. The Nasdaq has given Taysha Gene Therapies 180 days to regain compliance with the listing rule, or it may be eligible for an additional 180 days to comply with the requirements for the Nasdaq Capital Market.

Taysha Gene Therapies has also announced the resignation of Kathleen Reape, a non-employee director, effective November 1, 2023. The resignation is not related to any disagreement with the company, but rather in accordance with the governance guidelines of her employer. The company will reconstitute its board to ensure each class of directors has one-third of the total number of directors and will allow stockholders to vote on the re-election of Reape's successor at the 2024 annual meeting.

Key Takeaways:

• Taysha Gene Therapies has received a Nasdaq warning that its common stock may be delisted due to a failure to maintain the minimum bid price of $1.00 per share.
• The company has 180 days to regain compliance with the listing rule or may be eligible for an additional 180 days on the Nasdaq Capital Market.
• Kathleen Reape, a non-employee director, has resigned effective November 1, 2023, due to adherence to her employer's governance guidelines.
• The company will reconstitute its board to ensure each class of directors has one-third of the total number of directors.
• Stockholders will be able to vote on the re-election of Reape's successor at the 2024 annual meeting.
• Reape has agreed to continue serving on the Audit, Nominating and Corporate Governance, and Clinical and Science Committees until her planned resignation date.
• Reape will continue to be compensated according to the company's non-employee director compensation policy.

Statistics:

• The minimum bid price of Taysha Gene Therapies' common stock has been below $1.00 per share for 30 consecutive business days.
• The company has 180 days to regain compliance with the Nasdaq listing rule, or until October 23, 2023.
• The board composition will change to ensure each class of directors has one-third of the total number of directors after the 2023 annual meeting.
• The company will provide written notice of its intention to cure the bid price deficiency during the second compliance period.

Sources:

• Form 8-K filed by Taysha Gene Therapies, Inc. with the U.S. Securities and Exchange Commission on April 27, 2023.
• Preliminary proxy statement on Schedule 14A filed by Taysha Gene Therapies, Inc. with the U.S. Securities and Exchange Commission on April 27, 2023.