Sangamo Therapeutics, Inc., which filed for Chapter 11 bankruptcy protection in late June, reported two developments in a July 20 regulatory filing: the formal denial of its Nasdaq listing appeal and court approval of the bidding procedures that will govern the sale of its business.
Nasdaq delisting becomes final
The company received a written determination on July 14 from the Nasdaq Hearings Panel denying its request to continue its listing on the Nasdaq Capital Market. Sangamo's common stock had already been suspended from Nasdaq on May 5, 2026, after the company failed to meet the exchange's minimum bid price requirement. The shares moved first to the OTCQB Venture Market and, following the Chapter 11 filing on June 23, to the OTCID Basic Market under the symbol SGMOQ.
Sangamo has 15 days from the determination letter to request a review by the Nasdaq Listing and Hearing Review Council, but the company stated it does not intend to do so. Nasdaq is expected to file a Form 25 with the SEC to formally delist and deregister the common stock.
Bankruptcy sale process takes shape
The U.S. Bankruptcy Court for the District of Delaware entered an order on July 14 approving the bidding procedures Sangamo had requested when it filed its Chapter 11 petition. The order sets a clear timeline for the sale of all or substantially all of the company's assets.
Qualified bids must be submitted by August 4, 2026, at 5:00 p.m. Eastern Time. If the company receives more than one qualified bid, an auction will be held on August 10. The court will then consider approval of the winning bid or bids at a sale hearing scheduled for August 20.
Sangamo stated that its objective in the bankruptcy case is to maximize value for stakeholders, which could be achieved through an asset sale to the highest bidder or bidders, or through a reorganization with a Chapter 11 plan sponsor. The company continues to operate as a debtor-in-possession under court supervision. Court documents and information about the case are available through Verita Global, the company's bankruptcy claims agent.