Apollomics Gets 180-Day Extension for Nasdaq Bid Price Compliance

FOSTER CITY, Calif., July 16, 2024 -- Apollomics Inc. (Nasdaq: APLM), a clinical biopharmaceutical company specializing in oncology drug development, announced that it has received a written notification from The Nasdaq Stock Market LLC. The notification grants the company a 180-day extension to meet the continued listing requirements for The Nasdaq Capital Market.

Earlier, on January 16, 2024, Apollomics was informed that it was not meeting the Bid Price Requirement. This requirement mandates a minimum closing bid price of $1.00 per share for 30 consecutive business days. Apollomics’ Ordinary Shares had fallen below this threshold. The new extension gives Apollomics until January 13, 2025, to comply with Nasdaq Listing Rule 5550(a)(2). This rule requires the company's Class A ordinary shares to have a minimum bid price of $1.00 per share.

To meet the compliance requirement, Apollomics needs its share price to reach at least $1.00 for a minimum of ten consecutive business days before January 13, 2025. If Apollomics achieves this, Nasdaq will provide written confirmation of compliance. Failure to demonstrate compliance by this deadline will result in a delisting notice from Nasdaq. Should this occur, Apollomics may appeal to a Nasdaq Hearings Panel.

The company plans to closely monitor the closing bid prices of its shares and will consider various options to regain compliance. However, there is no certainty that Apollomics will be able to meet the Bid Price Requirement or maintain compliance with other Nasdaq listing criteria.

Apollomics Inc. is a pioneering clinical-stage biopharmaceutical company committed to discovering and developing cancer therapies. The company aims to create treatments that can be used in combination with other options, targeting specific molecular pathways to combat cancer.

One of Apollomics' primary drugs is vebreltinib (APL-101), a selective c-Met inhibitor designed to treat non-small cell lung cancer and other tumors with c-Met alterations. This drug is currently undergoing a Phase 2 multicohort clinical trial in the United States. Another key drug in Apollomics' pipeline is uproleselan (APL-106), an E-Selectin antagonist. This drug is being tested in Phase 1 and Phase 3 clinical trials in China for its potential use in conjunction with standard chemotherapy to treat acute myeloid leukemia and other blood cancers.

Apollomics remains focused on advancing its oncology programs and fulfilling its mission to provide novel treatments for difficult-to-treat and treatment-resistant cancers.