ImmunoCellular Therapeutics Ltd. said its senior executives resigned after the company decided to delist from the New York Stock Exchange.
President, CEO and Director Anthony Gringeri, CFO David Fractor and Senior Vice President, Research, Steven Swanson will step down from their positions, effective Oct. 15. Gringeri, Fractor and Swanson are expected to continue as consultants to the company.
The NYSE MKT LLC had accepted ImmunoCellular's plan to regain compliance by Dec. 23 after the biotechnology company fell out of compliance with some of the listing standards. However, the immune-based cancer therapy developer said it faces challenges, such as weak finances and legal costs, in meeting those standards.
The company had earlier reached an agreement in principle to pay $1.2 million to settle a class action shareholder lawsuit over allegedly making false statements.
The Westlake Village, Calif.-based company expects to approach the U.S. Securities and Exchange Commission to delist its shares from the exchange by Oct. 25.
ImmunoCellular expects its stock to be delisted from the NYSE American by Nov. 5. After that the shares are expected to trade on the OTC market.
The company, which launched a review of strategic options in February, said it will continue to seek partnerships, licensing or sale of its anticancer assets and research programs after the delisting.
The company's share price fell by 73.5% to 6 cents in after-hours trading on the NYSE on Oct. 15.