Scorpius Holdings, Inc., a pharmaceutical company, has been notified by NYSE Regulation of the suspension of trading and the initiation of delisting proceedings for its common stock from the NYSE American exchange. The decision, effective as of June 14, 2024, was made under Section 1003(f)(v) of the NYSE American Company Guide, which addresses concerns related to the low selling price of the company's shares.
Trading of Scorpius Holdings' stock, under the ticker SCPX, is expected to move to the OTC Markets system starting today, Monday. This transition follows the NYSE's determination that the company's stock price levels are no longer suitable for listing.
The company, formerly known as NightHawk Biosciences, Inc. and HEAT BIOLOGICS, INC., has the right to appeal the delisting decision to the Listings Qualifications Panel of the NYSE American's Committee for Review. Scorpius Holdings has indicated its intention to request a review and appeal the decision. However, the outcome of such an appeal cannot be guaranteed.
If the appeal does not succeed, the NYSE will proceed with the application to the Securities and Exchange Commission to delist the company's common stock. The news comes as a significant development for Scorpius Holdings, which is headquartered in Morrisville, North Carolina, and operates under the industrial classification of pharmaceutical preparations.
Investors and stakeholders of Scorpius Holdings are now faced with the implications of the company's stock trading on a less regulated market, which may affect the stock's liquidity and investor interest. The information reported here is based on the company's recent SEC filing.
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