BioAtla, Inc. 8-K

What Happened

• BioAtla, Inc. (BCAB) filed an 8-K on Feb 9, 2026 reporting that on Feb 8, 2026 the Nasdaq Listing and Hearing Review Council (the Listing Council) called for review of Nasdaq’s Feb 6, 2026 delist determination and stayed any suspension or delisting action. Nasdaq had notified the company on Feb 6 that it would suspend trading effective upon the open of market on Feb 10, 2026 and ultimately delist the company’s securities. As a result of the Listing Council’s action, BioAtla’s common stock will continue to trade on Nasdaq while the review proceeds.

Key Details

• Nasdaq’s Feb 6 delist determination cited non-compliance with the $1.00 bid-price rule (Nasdaq Listing Rule 5550(a)(2)) and the $2.5 million stockholders’ equity requirement (Nasdaq Listing Rule 5550(b)(1)).
• BioAtla stated it had previously met the alternative MVLS threshold ($35 million market value of listed securities under Rule 5550(b)(2)) for 69 consecutive trading days.
• The Company requested immediate review and a stay; the Listing Council accepted review on Feb 8 and the review process may take several weeks to a few months. The Company warned it cannot assure the review will preserve its Nasdaq listing.
• The 8-K reiterates forward-looking risk disclosures including the company’s need for additional funding and other business risks.

Why It Matters

• For investors, trading continues for now, but the underlying regulatory risk remains: if the Listing Council upholds Nasdaq’s delist determination, BioAtla could be suspended and delisted, reducing liquidity and potentially harming share value and the company’s ability to raise capital.
• The company’s statement highlights a procedural dispute with Nasdaq over measurement of listing compliance (bid price vs. MVLS and equity tests) and stresses the timing uncertainty (weeks to months) while the review is pending. Investors should monitor updates and the company’s SEC filings for developments.