Australia-based Parnell Pharmaceuticals Holdings Ltd. will delist from the Nasdaq, effective Dec. 31.

The company said it believes that there has been an incongruence between the potential realizable value of Parnell's underlying assets and its share price as a Nasdaq-listed company, according to a news release.

The veterinarian pharmaceutical company anticipates its shares to be quoted on the OTC Pink open market following the delisting.