Emmaus Life Sciences Inc. said the Nasdaq Hearings Panel declined to reverse the Nasdaq Listing Qualification's decision to delist the company from the stock exchange.
The Torrance, Calif.-based company's common stock and warrants be delisted from the Nasdaq stock market at the start of trading Sept. 11.
Emmaus said it is committed to listing its common stock on a national securities exchange and it expects the delisted securities to be eligible for quotation on the OTC market following the delisting. The company's warrants are also expected to remain quoted on the OTC market.
The company's failure to comply with Nasdaq's $5 million minimum stockholders' equity requirement and its 400 minimum Round Lot holder requirement ultimately led to the delisting.
Emmaus Life Sciences develops therapies primarily for rare and orphan diseases. In July, the company completed a stock-for-stock merger agreement with MYnd Analytics Inc.
