Please do not leave this page until complete. This can take a few moments.
Holliston biotech Biostage will officially be delisted on Dec. 18 from the Nasdaq Stock Excahnge, after failing to keep a stock price above $1 and a $2.5 million stockholders' equity requirement, according to a new filing with the U.S. Securities & Exchange Commission.
The Nasdaq listing panel determined the company would be delisted back on May 18, but Biostage appealed that decision to a Nasdaq panel. The company was granted conditional listing after appealing the decision, but was unable to meet exception milestones as required, the Nasdaq said in Thursday’s filing.
After Biostage was notified of the final ruling in October, it announced the company laid off 71 percent of its workforce as its financial obligations exceed its cash on hand.
The company claims its financial downfall was a result of a breach of agreement by Dallas investment firm Fist Pecos, which Biostage said had agreed to a $3 million investment.
The investment fell through, and Biostage said in October that it is reviewing all of its rights and remedies against First Pecos.
Stock in the company on the OTCQB exchange is currently trading at just above 6 cents, a nosedive from the 88 cents that the stock opened with in January.
Read more
Biostage names regenerative medicine expert to board
Biostage awarded up to $1.7M grant for preclinical study
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments