Scorpius Holdings Receives NYSE American Notice of Delisting and Reports Plans to Appeal

Rhea-AI Summary

Scorpius Holdings (NYSE American: SCPX) has received a delisting notice from NYSE American due to the low selling price of its common stock. The company also received a non-compliance notice for failing to file its Form 10-K for the period ended December 31, 2024, by the April 15, 2025 deadline.

The CDMO company cited time constraints on management and potential undue hardship and expense as reasons for the delayed filing in their Form 12b-25 notification. Scorpius plans to appeal the delisting decision and will request a review by the Exchange's Listings Qualifications Panel.

CEO Jeff Wolf stated the company is actively working to achieve full compliance with SEC requirements and will provide updates as they become available. While the appeal's outcome remains uncertain, Scorpius maintains its commitment to transparency, regulatory compliance, and maximizing shareholder value.

Positive

• None.

Negative

• Received NYSE American delisting notice due to low stock price
• Failed to file Form 10-K by deadline, triggering non-compliance notice
• Management unable to complete financial reporting requirements timely
• Risk of potential delisting from NYSE American exchange

San Antonio, TX, April 21, 2025 (GLOBE NEWSWIRE) -- Scorpius Holdings, Inc (NYSE American: SCPX) (“Scorpius” or “the Company”), an integrated contract development and manufacturing organization (“CDMO”), today reported that it received notice from the NYSE American LLC (“NYSE American” or the “Exchange”) of its determination to commence delisting proceedings of the Company’s common stock from the exchange pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low-selling price of the Company’s common stock. 

In addition, on April 16, the Company received an official notice of noncompliance from NYSE Regulation stating that the Company is not in compliance with NYSE American continued listing standards under the timely filing criteria included in Section 1007 of the NYSE American Company Guide due to the failure to timely file the Company’s Form 10-K for the period ended December 31, 2024 by the filing due date of April 15, 2025.  As previously reported in the Company’s Notification of Late Filing on Form 12b-25 filed with the SEC on March 31, 2025, the Company was unable to file its Annual Report on Form 10-K for the year ended December 31, 2024 within the prescribed period because the compilation, dissemination and review of the financial information required to be presented in the Annual Report on Form 10-K imposed time constraints on the Company’s management that rendered timely filing of the Annual Report on Form 10-K impractical without undue hardship and expense to the Company.

The Company plans to appeal the NYSE American’s decision to commence delisting proceedings of the Company’s common stock.  Specifically, the Company intends to request a review of the determination by the Exchange’s Listings Qualifications Panel. While there can be no assurance regarding the outcome of the appeal, Scorpius remains committed to continued operational and strategic progress.

Scorpius CEO Jeff Wolf commented, “We are actively working to become a fully compliant company with the U.S. Securities and Exchange Commission, and will provide further updates as they become available. We remain undeterred in our commitment to transparency, regulatory compliance, and maximizing long-term value for shareholders.”

Scorpius Holdings, Inc.

Scorpius Holdings Inc. is an integrated contract development and manufacturing organization (CDMO) focused on rapidly advancing biologic and cell therapy programs to the clinic and beyond. Scorpius offers a broad array of analytical testing, process development, and manufacturing services to pharmaceutical and biotech companies at its state-of-the-art facilities in San Antonio, TX. With an experienced team and new, purpose-built U.S. facilities, Scorpius is dedicated to transparent collaboration and flexible, high-quality biologics biomanufacturing. For more information, please visit www.scorpiusbiologics.com.

Forward-Looking Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions, and include statements such as the Company’s ability to file its Annual Report on Form 10-K during the Initial Cure Period; the plans to appeal the NYSE American’s decision to commence delisting proceedings of the Company’s common stock; the intent to request a review of the determination by the Exchange’s Listings Qualifications Panel; and the Company’s ability to regain compliance with the NYSE American continued listing standards and successfully appeal the NYSE American’s decision to commence delisting proceedings of the Company’s common stock. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to regain compliance with the NYSE American continued listing standards continue to grow revenue; the Company’s financing needs, its cash balance being sufficient to sustain operations and its ability to raise capital when needed, the Company’s ability to leverage fixed costs and achieve long-term profitability; the Company’s ability to obtain regulatory approvals or to comply with ongoing regulatory requirements, regulatory limitations relating to the Company’s ability to successfully promote its services and compete as a pure- play CDMO, and other factors described in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Qs and any other filings the Company makes with the SEC. The information in this presentation is provided only as of the date presented, and the Company undertakes no obligation to update any forward-looking statements contained in this presentation on account of new information, future events, or otherwise, except as required by law.

Media and Investor Relations Contact
David Waldman
+1 919 289 4017
ir@scorpiusbiologics.com 

FAQ

Why is Scorpius Holdings (SCPX) facing delisting from NYSE American?

SCPX is facing delisting due to two factors: the low selling price of its common stock (Section 1003(f)(v)) and failure to timely file its 2024 Form 10-K by April 15, 2025 deadline.

What steps is SCPX taking to address the NYSE American delisting notice?

Scorpius Holdings plans to appeal the delisting decision by requesting a review from the Exchange's Listings Qualifications Panel and is working to become fully compliant with SEC requirements.

When did SCPX miss its Form 10-K filing deadline?

SCPX missed the Form 10-K filing deadline of April 15, 2025, for the fiscal year ended December 31, 2024.

What reason did SCPX provide for missing the 10-K filing deadline?

The company cited time constraints on management and potential undue hardship and expense in compiling and reviewing financial information as reasons for the delayed filing.