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Nasdaq announces the delisting of several companies including SmileDirectClub, Inc. (SDC), Bellerophon Therapeutics, Inc. (BLPH), Elys Game Technology, Corp. (ELYS), Athersys, Inc. (ATHX), Borqs Technologies, Inc. (BRQS), ContraFect Corporation (CFRX), CohBar, Inc. (CWBR), AgileThought, Inc. (AGLT), Fat Projects Acquisition Corp. (FPAC), Evelo Biosciences, Inc. (EVLO), Troika Media Group, Inc. (TRKA), Impel Pharmaceuticals Inc. (IMPL), Fresh Tracks Therapeutics, Inc. (FTRX), and Near Intelligence, Inc. (NI).
The delisting of multiple companies from the Nasdaq Stock Market signifies a substantial alteration in the availability of these companies’ stocks to the general investing public. Delisting often occurs due to failure to meet regulatory requirements, which could include maintaining a minimum share price or failing to submit timely financial documentation. The immediate effect is typically a decrease in liquidity and a potential drop in investor confidence, as delisted stocks move to over-the-counter (OTC) markets, where they may be traded less frequently and with less regulatory oversight.
For stakeholders in SmileDirectClub, Inc. and the other mentioned companies, this move may lead to a reassessment of the intrinsic value of their investments. Given that these securities have already been suspended from trading, the impact might be somewhat mitigated as the market has had time to absorb the initial shock of suspension. However, the shift to OTC can result in wider bid-ask spreads and lower visibility, which could make it more challenging for investors to exit their positions without incurring significant losses.
From a market perspective, the delisting of companies can be indicative of broader industry trends or specific sector weaknesses. For instance, if a particular sector like biotech or technology is overrepresented in the delisting announcements, it may suggest underlying volatility or systemic issues within that sector. Investors might interpret this as a signal to exercise caution when considering similar stocks or to conduct more rigorous due diligence.
Additionally, the delisting of these companies could have a ripple effect, influencing peer companies and sector indices. It’s important to monitor the market’s response to these delistings, as it could affect investor sentiment and the valuation of related companies. While the direct financial impact on the market is limited to these specific stocks, the indirect effects on investor behavior and sector perceptions could be more far-reaching.
Delisting reflects a regulatory dimension of the stock market, underscoring the importance of compliance with the stringent listing standards set forth by exchanges like Nasdaq. These standards are designed to protect investors and ensure a fair and transparent market. For the companies involved, delisting represents a significant legal and administrative challenge. It may necessitate increased efforts to regain compliance and restore investor trust.
Moreover, the delisting process often triggers contractual obligations, such as the redemption of certain securities or the acceleration of debt maturity. Companies facing delisting must navigate complex legal terrain, balancing the need to address immediate compliance issues with the strategic goal of maintaining their financial stability and market presence.
NEW YORK, Dec. 26, 2023 (GLOBE NEWSWIRE) — The Nasdaq Stock Market announced today that it will delist the common stock of SmileDirectClub, Inc. SmileDirectClub, Inc.’s securities were suspended on October 4, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of Bellerophon Therapeutics, Inc. Bellerophon Therapeutics, Inc.’s securities were suspended on October 16, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of Elys Game Technology, Corp. Elys Game Technology, Corp.’s securities were suspended on October 17, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of Athersys, Inc. Athersys, Inc.’s securities were suspended on October 18, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the ordinary shares of Borqs Technologies, Inc. Borqs Technologies, Inc.’s securities were suspended on October 27, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of ContraFect Corporation. ContraFect Corporation’s securities were suspended on November 9, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of CohBar, Inc. CohBar, Inc.’s securities were suspended on November 19, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A common stock and warrants of AgileThought, Inc. AgileThought, Inc.’s securities were suspended on November 24, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A ordinary shares, warrants, and unit of Fat Projects Acquisition Corp. Fat Projects Acquisition Corp.’s securities were suspended on December 1, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of Evelo Biosciences, Inc. Evelo Biosciences, Inc.’s securities were suspended on December 12, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock and warrants of Troika Media Group, Inc. Troika Media Group, Inc.’s securities were suspended on December 18, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of Impel Pharmaceuticals Inc. Impel Pharmaceuticals Inc.’s securities were suspended on December 18, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of Fresh Tracks Therapeutics, Inc. Fresh Tracks Therapeutics, Inc.’s securities were suspended on December 19, 2023, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock and warrants of Near Intelligence, Inc. Near Intelligence, Inc.’s securities were suspended on December 19, 2023, and have not traded on Nasdaq since that time.
For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.
Nasdaq is delisting SmileDirectClub, Inc. (SDC) due to the suspension of its securities on October 4, 2023, and the subsequent non-trading on Nasdaq.
Nasdaq is delisting Bellerophon Therapeutics, Inc. (BLPH) due to the suspension of its securities on October 16, 2023, and the subsequent non-trading on Nasdaq.
The securities of Elys Game Technology, Corp. (ELYS) were suspended on October 17, 2023, leading to the delisting by Nasdaq.
Athersys, Inc. (ATHX) is being delisted by Nasdaq due to the suspension of its securities on October 18, 2023.
The delisting of Borqs Technologies, Inc. (BRQS) by Nasdaq is a result of the suspension of its securities on October 27, 2023.
Nasdaq is delisting ContraFect Corporation (CFRX) because its securities were suspended on November 9, 2023.
The delisting of CohBar, Inc. (CWBR) by Nasdaq is due to the suspension of its securities on November 19, 2023.
Nasdaq is delisting AgileThought, Inc. (AGLT) as its securities were suspended on November 24, 2023.
The delisting of Fat Projects Acquisition Corp. (FPAC) by Nasdaq is a result of the suspension of its securities on December 1, 2023.
Nasdaq is delisting Evelo Biosciences, Inc. (EVLO) due to the suspension of its securities on December 12, 2023.
The delisting of Troika Media Group, Inc. (TRKA) by Nasdaq is a result of the suspension of its securities on December 18, 2023.
Nasdaq is delisting Impel Pharmaceuticals Inc. (IMPL) as its securities were suspended on December 18, 2023.
The delisting of Fresh Tracks Therapeutics, Inc. (FTRX) by Nasdaq is a result of the suspension of its securities on December 19, 2023.
Nasdaq is delisting Near Intelligence, Inc. (NI) due to the suspension of its securities on December 19, 2023.
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welcome to the new nasdaq. where capital market logistics are solved by people, products and services that are as ambitious as you are. in 1971, the microprocessor was born. nasdaq wasted no time capitalizing on the new technology by bringing all-electronic trading to the market. later in the decade, this provided the likes of apple and microsoft with the means to raise capital that was previously unavailable to them. sixteen years later on the other side of the atlantic, om became the world’s first publicly traded and listed exchange company. in 2007, nasdaq merged with omx with a vision to be a single company with a single mission: deliver the kind of resources that would solve the logistics of the global capital markets. that vision has served us well. so well, in fact, that nasdaq transformed itself from a u.s.-based equities exchange to a diversified technology provider for thousands of global firms. today, we’re the leading technology and information services provider to th
