aibioSangamo's Nasdaq delisting becomes final as Chapter 11 case continues
Tickers SGMOQ
Nasdaq filed Form 25 on Oct. 7, ending a listing that began unravelling over the minimum bid price. The stock trades OTC as SGMOQ after Sangamo agreed to sell its Fabry program to PTC for $111 million in cash.
Key facts
- Company
- Sangamo Therapeutics, Inc. (OTC: SGMOQ)
- News type
- Listings
- Primary source
- SEC EDGAR, Sangamo Therapeutics Form 8-K
Sangamo Therapeutics, Inc. said in an 8-K signed October 15, 2026 that Nasdaq filed a Form 25 with the SEC on October 7, and that delisting and deregistration under Section 12(b) take effect October 17. The stock has been suspended from Nasdaq, and the company says it now trades on the OTC Pink Limited Market under the symbol SGMOQ. Its Chapter 11 case, filed June 23, 2026 in the U.S. Bankruptcy Court for the District of Delaware, is case number 26-10989
The dates in the company's filings do not line up. Nasdaq's own delisting determination, dated September 17, 2026, said the stock would be removed at the opening of the trading session on October 16, 2026. The October 15 8-K gives October 7 for the Form 25 and October 17 for the effective date. The July 20 and September 21 8-Ks name the OTCID Basic Market as the trading venue, while the October 15 8-K names the OTC Pink Limited Market.
How the listing ended
Nasdaq staff notified Sangamo of a delisting determination on April 28, 2026, for failing the minimum bid price requirement under Listing Rule 5550(a)(2). An April 29 press release said the stock would move to the OTCQB Venture Market on May 5, and that a hearing request would not stay the suspension. The company said then that it was assessing strategic options with a global investment bank and negotiating multiple potential business development transactions.
Sangamo appealed to a Listing Qualifications Hearings Panel under Rule 5815 on May 5, and the hearing was held June 9. The panel reached its decision on July 13 and upheld the suspension, and a letter denying the request to continue the listing was issued July 14. In its July 20 8-K, Sangamo said it did not intend to ask the Nasdaq Listing and Hearing Review Council for review. The staff determination to delist became final on August 28, 2026.
The bankruptcy and the Fabry sale
Sangamo filed for Chapter 11 on June 23. On July 14 the court entered an order approving bidding procedures (Docket No. 122). Bids were due August 4, an auction was set for August 10, and a sale hearing for August 20. The company said its objective was to maximize value for stakeholders through a sale of all or substantially all assets, a reorganization with a plan sponsor, or both.
At the August 10 auction, PTC Therapeutics, Inc. was selected as the successful bidder for the assets primarily related to ST-920, the one-time AAV gene therapy candidate for Fabry disease. The asset purchase agreement is dated August 25, 2026. The court entered a sale order on September 2 (Docket No. 426), and the sale closed on September 17.
PTC paid $111,000,000 in cash at closing and agreed to up to an additional $100,000,000 in contingent consideration payable on specified milestones. It also assumed specified liabilities.
The company's own warnings
The April 29 announcement cited Sangamo's lack of capital resources and its need for substantial additional funding to continue as a going concern. It also named the risk that the company would not secure a significant partnership or other transaction, in particular for its Fabry disease program, that provided substantial upfront funding in the very near term.
The October 15 8-K attached a monthly operating report for August 2026, which the company filed in the bankruptcy court on October 14. The company says that report is not audited or reviewed by independent accountants and was not prepared in accordance with U.S. generally accepted accounting principles. The 8-K says trading in the stock during the case is "highly speculative and poses substantial risks," and that trading prices "may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company's Chapter 11 Case."
What is left for shareholders
The 8-K does not say what, if anything, will be left for common stockholders after creditors are paid, and it gives no date for a plan of reorganization or liquidation. It does not say where the contingent consideration of up to $100,000,000 from PTC would go. Scott B. Willoughby, chief legal officer and corporate secretary, signed the 8-K.