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Investing.com -- Carisma Therapeutics Inc (NASDAQ:CARM) stock plummeted 41.6% in trading Friday after the company received a delisting determination from Nasdaq.
The clinical-stage biopharmaceutical company disclosed that its common stock will be suspended from trading on Nasdaq effective October 13, 2025, following previously disclosed noncompliance with Nasdaq Listing Rules. Carisma does not plan to appeal the determination.
The company has secured approval to transfer its listing to the OTCID market tier operated by The OTC Markets Group, where it expects to begin trading on October 13 under its current symbol "CARM." However, Carisma cautioned that there is no guarantee brokers will continue to make a market in its stock or that trading will continue on the OTCID market.
In a concerning development for investors, Carisma stated it will "continue to attempt to sell or otherwise dispose of or monetize its remaining assets and pursue an orderly wind down of its remaining operations." The company warned it is "unlikely that there will be a meaningful amount of cash available for distribution to stockholders" during this process.
Following the delisting, Carisma may file a Form 15 with the SEC to suspend its reporting obligations under the Securities Exchange Act of 1934.
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