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Investing.com -- Unity Biotechnology Inc (NASDAQ:UBX) stock plunges 45% after receiving notification that Nasdaq plans to delist the company’s securities, citing concerns that it has become a "public shell" with limited operations.
The biotech firm was informed on June 27 that the Nasdaq Stock Market’s Listing Qualifications Department believes it no longer has an operating business, pointing to the company’s substantial workforce reduction announced in May, its evaluation of strategic alternatives, and the closing of its ASPIRE study. Nasdaq also cited Unity’s financial projections, lack of revenue, and minimal continued investment in developing revenue-producing assets as factors in its decision.
Unity Biotechnology has been facing multiple compliance issues with Nasdaq’s listing requirements. In March, the company was notified that it had fallen below the $10 million stockholders’ equity requirement. More recently, on June 18, Nasdaq informed Unity that its stock had traded below the minimum $1.00 per share threshold for 30 consecutive business days.
According to the company’s statement, Nasdaq plans to suspend trading of Unity’s common stock on July 9 and will file the necessary documentation with the Securities and Exchange Commission to remove the company’s securities from listing and registration. Unity indicated it does not intend to appeal the delisting determination.
The delisting comes after the company’s board approved an operating plan in May to evaluate strategic alternatives while reducing operational expenses, signaling significant challenges for the once-promising biotech firm.
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