Aradigm Corp. is transferring its common stock to the OTCQB Venture Market after receiving a delisting notice from Nasdaq.
The company's common shares will trade on the exchange under the ARDM ticker beginning Jan. 15.
In March 2018, Aradigm received Nasdaq's noncompliance notice for failing to meet its $35 million minimum market value of listed securities listing rule. The company was then given until September 2018 to regain compliance with the continued listing standard.
On Jan. 10, the company notified the exchange that it will not be able to regain compliance with the listing rule by Feb. 15.
A Nasdaq panel later informed the company that its common shares will be delisted from the exchange and was suspended from trading starting Jan. 15.
The company noted it remains to be a reporting company under the Securities Exchange Act of 1934 and intends to file periodic and other reports with the SEC.
Hayward, Calif.-based Aradigm develops drugs for the prevention and treatment of severe respiratory diseases.