Delisting Determination, The Nasdaq Stock Market, LLC,
March 3, 2023, Peak Bio, Inc.
The Nasdaq Stock Market LLC (the Exchange) has determined to remove
from listing the common stock and warrant of Peak Bio, Inc. (the
Company), effective at the opening of the trading session on
March 13, 2023.
Based on review of information provided by the Company, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rule M-5101-2. The Company was notified
of the Staff determination on November 1, 2022. On November 8, 2022,
the Company exercised its right to appeal the Staff determination to
the Listing Qualifications Hearings Panel (Panel) pursuant to Rule 5815.
A Panel hearing was held on December 8, 2022. On December 20, 2022, upon
review of the information provided by the Company, the Panel determined
to grant the Company request to remain listed in the Exchange subject to
a series of milestones. After failing to meeting the Hearings Panel exception,
on January 6, 2023, the Hearings Panel issued a final decision denying the
Company continued listing and notified the Company that trading in the
Company securities would be suspended on January 10, 2023. The Company did not
appeal the Panel decision to the Nasdaq Listing and Hearing Review Council
(Council) and the Council did not call the matter for review. The Staff
determination to delist the Company became final on February 21, 2023.