Carisma Therapeutics to Voluntarily Delist and Terminate Reporting Obligations

Carisma Therapeutics' Board of Directors has approved and the Company intends to proceed with the voluntary delisting of its common stock from The Nasdaq Stock Market and the deregistration of its common stock in order to suspend and ultimately terminate the Company's reporting obligations under the Securities and Exchange Act of 1934, as amended. As previously reported, as a result of the Company's previously disclosed noncompliance with the bid price, market value of listed securities, and market value of publicly held shares requirements set forth in Nasdaq Listing Rules 5450(a)(1), 5450(b)(2)(C), and 5450(b)(2)(A), respectively, the Company received a delist determination letter from Nasdaq on October 9 and the Company's common stock was suspended from trading on Nasdaq effective at the open of business on October 13. The Company's common stock commenced trading on the OTCID market tier operated by the OTC Markets Group on October 13, under the trading symbol "CARM." The Determination Letter indicated that, once all applicable appeal periods had lapsed, Nasdaq would file a Form 25 with the Securities and Exchange Commission to complete the delisting of the Company's common stock from Nasdaq. Notwithstanding, the Company today notified Nasdaq of its intention to voluntarily delist its shares of common stock from Nasdaq rather than await Nasdaq's filing of a Form 25 at some later date. The Company anticipates that it will file a Form 25 with the SEC to effect the delisting and deregistration of its common stock on or about December 15, and that the formal delisting of the Company's common stock from Nasdaq will become effective on or about December 25. Following the delisting of the Company's common stock from Nasdaq, the Company intends to file a Form 15 with the SEC to suspend and then terminate its reporting obligations under the Exchange Act. The Company will be relieved of all reporting obligations under the Exchange Act upon the effectiveness of the deregistration. The Company expects that the deregistration of its common stock will become effective 90 days after the filing of the Form 15 with the SEC.