Syros Pharmaceuticals, Inc. faces a higher risk of delisting from Nasdaq (SYRS)

The International Trading System Limited (ITS) informs that ordinary shares of Syros Pharmaceuticals, Inc. (SYRS, ISIN US87184Q2066) are at a higher risk of delisting from The Nasdaq Stock Market LLC (Nasdaq) for failure to comply with Nasdaq listing requirements.

Information on delisting risk factors for SYRS ordinary shares

Non-compliance with Nasdaq listing requirements

On January 8, 2025, Syros Pharmaceuticals, Inc. (the Company) submitted a current report on Form 8-K to The United States Securities and Exchange Commission. According to the report, on January 6, 2025 the Company received a notice from Nasdaq indicating that the Company has been below several listing requirements of the Nasdaq Global Select Market (the Listing Requirements), including the minimum bid requirement (bid price on market close below 1 USD for the last 35 consecutive business days), the minimum market value of listed securities requirement (below 50 mln. USD for the last 30 consecutive business days), and the minimum market value of publicly held securities (below 15 mln. USD for the last 35 consecutive business days).

The Company has 180 calendar days, or until July 7, 2025, to regain compliance with the Nasdaq Listing Requirements. To cure the deficiencies, the Company needs to meet the Listing Requirements for a minimum of ten consecutive business days during this 180-day compliance period. There can be no assurance that the Company will be able to regain compliance with any of the Listing Requirements. If the Company fails to cure the deficiencies, its common stock will be subject to delisting from Nasdaq.

However, the Company may be eligible for an additional 180 calendar day period to regain compliance solely with respect to the minimum bid requirement. To qualify for this additional compliance period, the Company would need to transfer the listing of its common stock to the Nasdaq Capital Market, provided that it meets the other initial and continued listing standards of the Nasdaq Capital Market, with the exception of the bid price requirement. Nasdaq will decline the transfer application and proceed with the delisting of the Company’s common stock, if f it appears to Nasdaq that the Company will not be able to cure the deficiency during the additional compliance period, or if the Company does not meet the other listing standards.

Company’s financial position risk

In a quarterly report for the period ended September 30, 2024 the Company’s management expressed a substantial doubt about its ability to continue as a going concern for a period of at least 12 months, or until October 31, 2025.

Information regarding possible actions to be taken by ITS

ITS will publish separate notices outlining how trading in the Company’s ordinary shares will be carried out on ITS.

If Nasdaq suspends trading in the Company’s ordinary shares, ITS will prohibit submission of orders and will restrict ability to conclude agreements in respect of the Company’s ordinary shares. If the Company’s ordinary shares are delisted from Nasdaq, ITS will terminate trading in the Company’s ordinary shares. In case the Company’s ordinary shares become listed, or admitted to trading on another Recognised Trading Venue, ITS will consider but does not guarantee continuation of trading in the Company’s ordinary shares.