Novelion Therapeutics Inc. has been delisted from the Nasdaq Stock Market as the biotechnology company prepares to shut down operations.
The delisting will be effective Oct. 9, according to Novelion's Oct. 8 press release. The company was flagged in August and September for falling out of compliance and had originally appealed to a Nasdaq panel to request that the shares remain listed. The shares were suspended during the review.
After an Oct. 3 hearing, the panel decided to proceed with the delisting. Vancouver, British Columbia-based Novelion does not plan to appeal the panel's decision.
With the delisting in effect, Novelion shares can continue to trade on the OTC or Pink market if a market maker opts to quote the shares, Novelion said. However, this process is not guaranteed, which means Novelion's shares may not be made available on these markets.
Novelion recently completed a divestment of its ownership in Aegerion Pharmaceuticals Holdings Inc. to Amryt Pharma PLC. The deal was executed amid Aegerion's bankruptcy proceedings.
Meanwhile, Novelion shareholders will soon vote on a proposal to liquidate the remaining company, which no longer has any ongoing business operations or sources of revenue, according to a separate Oct. 3 press release.
