Immuron Ltd. said Nasdaq inaccurately assigned a trading halt tag to the company, resulting in a misleading news wire statement.
The Australian biopharmaceutical company said that Nasdaq assigned a trading halt reason code of "H11 Halt Regulatory Concern," instead of "T1 Halt – News Pending - Trading is halted pending the release of material news."
Immuron clarified that it requested its shares on the Australian Securities Exchange and Nasdaq be placed into a trading halt due to the pending release of the phase 2 study results for the company's treatment for nonalcoholic steatohepatitis, an inflammation of the liver.
The company noted that its board and management are not aware, and have not received, any correspondence in relation to any regulatory issues.
