Proactive Investors - Oxford Cannabinoid Technologies Holdings PLC (LON:OCTP), the pharmaceutical company, has become the latest company to exit the London Stock Exchange after it felt the market was undervaluing it.
The cannabinoid medicine developer issued a statement detailing its intention to delist from the LSE and should shareholders approve the plans, the stock is expected to be removed by June 6.
It comes as hordes of companies exit Britain's stock exchange, searching for better valuations in other countries or for being snapped up by privately owned buyers.
Last month, UK-based biotech firms C4X and RedX both departed the stock exchange.
Clarissa Sowemimo-Coker, chief executive at Oxford Cannabinoid Tech , said: "The UK capital markets are facing particularly challenging times and many biopharma businesses like ours are re-evaluating whether it is the right home for them.
“These market conditions compromise our ability to deliver on our core mission - bringing help to people living with debilitating conditions. We anticipate that as an unlisted company, a far larger pool of capital may be available to us, and therefore it is right for us to make this change."