Enzo Biochem to delist from NYSE, move to OTCQX market

FARMINGDALE, N.Y. - Enzo Biochem, Inc. (NYSE: ENZ), a life sciences company trading near its 52-week low of $0.41, has announced its decision to voluntarily delist its common stock from the New York Stock Exchange and transition to the OTCQX Best Market. According to InvestingPro data, the stock has declined over 58% in the past six months, with its current market capitalization standing at approximately $23 million. The company submitted its delisting notice to the NYSE today and plans to file the necessary Form 25 with the SEC. The delisting is expected to be effective around April 17, 2025, with trading on the OTCQX anticipated to begin the following day.

This move comes after Enzo Biochem received a notice from the NYSE regarding non-compliance with listing standards related to market capitalization, stockholder’s equity, and average stock price. InvestingPro analysis reveals that while the company maintains a strong current ratio of 3.04 and holds more cash than debt, it has been quickly burning through its cash reserves. The company’s Board of Directors opted for the delisting and transfer to the OTCQX over attempting to meet the NYSE’s requirements. Although Enzo has applied to have its stock quoted on the OTCQX, the approval is still pending. Despite the change in trading platforms, Enzo will continue to adhere to the SEC’s periodic reporting obligations.

Enzo Biochem specializes in labeling and detection technologies, offering products and services essential for translational research and drug development. The company’s recent financial performance shows challenges, with revenue declining by 11.3% in the last twelve months and an EBITDA of -$8.56 million. InvestingPro subscribers can access additional insights, including 8 more key ProTips and comprehensive financial metrics. The company’s portfolio includes thousands of products such as antibodies, genomic probes, assays, biochemicals, and proteins. Enzo’s global distribution network and licensing agreements are the primary channels for monetizing its technology.

The transition to the OTCQX is not expected to require shareholders to exchange any shares, and electronic trading should continue without significant interruption. Despite trading below its Fair Value according to InvestingPro’s analysis, investors should note the company’s gross profit margin remains relatively healthy at 44.7%. This strategic shift is part of Enzo’s forward-looking statements, which involve risks and uncertainties that could impact the timing and effects of the delisting and the stock’s future quotation on the OTCQX.

Investors are advised that this information is based on a press release statement from Enzo Biochem, Inc.

In other recent news, Enzo Biochem Inc. has reported several significant developments. The company has settled a consolidated class action lawsuit for $7.5 million related to a ransomware attack that occurred in April 2023. This settlement, disclosed in a recent SEC filing, includes a commitment from Enzo Biochem to enhance its data protection systems, which have already been implemented. The effectiveness of this settlement is pending approval from the District Court for the United States, Eastern District of New York. In governance matters, shareholders elected four directors to the board and approved the executive pay structure during the company’s recent Annual Meeting. Additionally, the appointment of EisnerAmper LLP as the independent registered public accounting firm for the fiscal year ending July 31, 2025, was ratified by shareholders. Enzo Biochem is also addressing compliance challenges with the New York Stock Exchange due to its market capitalization and stock price falling below required thresholds. The company has been granted time to address these issues and is exploring options to meet the NYSE’s standards. These developments highlight the company’s ongoing efforts to manage both operational and regulatory challenges.

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