Parnell Pharmaceuticals Holdings Ltd. intends to move to the OTC Pink Open Market to cut costs and support its goal of profitability in 2017.

The Australian company said continued listing on the Nasdaq OMX Global Market will cost $2 million annually now that it has lost its foreign issuer status.

Losing the status means the company would have to comply with domestic issuer reporting requirements and file its annual and other reports with the Securities and Exchange Commission.

Parnell Pharmaceuticals lost its foreign issuer status after more than 50% of the company and majority of its board were held by U.S. residents.

The company plans to delist from Nasdaq by Dec. 29. As part of these efforts, Ellen Richstone, Peter Croden, William Hunsinger and David Rosen will resign from the board.

The company will look to reinstate itself as a foreign private issuer on Nasdaq as early as July 2017.