KINETA, INC./DE: Nasdaq/NYSE listing notice — Kineta settles RLB default dispute; Nasdaq warns bid price below $1.00

KINETA, INC./DE

RLB to pay $500K for shares at 20% discount to 5-day VWAP; resolves $2.5M purchase failure.
Nasdaq deficiency letter: KA closing bid below $1.00 for 30 consecutive sessions.
Company has 180 days (to Oct 15, 2024) to regain ≥$1.00 bid for 10 consecutive days.
If not cured by Oct 15, may get additional 180 days if meeting other listing standards.
Settlement releases all claims related to the Securities Purchase Agreement default.

item 1.01 item 3.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.98

KINETA, INC./DE received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

April 18, 2024, the Company received written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2) (the “Rule”) because the Company has not maintained a minimum closing bid price of the Company’s common stock of at least $1.00 per share for the last 30 consecutive business days. The Notice has no immediate effect on the listing or trading of the Company’s securities. The Company has 180 calendar days from the date of the Notice, or until October 15, 2024, to re

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

KINETA, INC./DE entered into settlement agreement and mutual release with RLB Holdings Connecticut, LLC valued at $500,000 (effective 2024-04-22).

Action: entry
Agreement: settlement
Counterparty: RLB Holdings Connecticut, LLC
Value: $500,000
Effective: 2024-04-22

Exact text from the filing

On April 22, 2024, Kineta, Inc. (the “Company”) entered into a settlement agreement and mutual release (the “Agreement”) by and between the Company and RLB Holdings Connecticut, LLC (“RLB”) to continue RLB’s investment in the Company and to resolve any and all potential claims or causes of action in connection with RLB’s failure to purchase $2,500,000 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), pursuant to a financing agreement, dated as of June 5, 2022, as amended on October 24, 2022, December 5, 2022, March 29, 2023, May 1, 2023, July 21, 2023 and October 13, 2023.

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Source: SEC EDGAR

accession 0000950170-24-047557

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