Talis Biomedical Corp (NASDAQ:TLIS), a developer of laboratory analytical instruments, is set to be delisted from the Nasdaq Stock Market. The Chicago-based company, previously known as SlipChip Corp, received formal notification of the impending delisting on August 22, 2024, following the suspension of all research and development activities as of June 30, 2024.
The Nasdaq Listing Qualifications Department determined that Talis Biomedical now functions as a "public shell," a term used for a company with no significant operations, which makes it ineligible for continued listing according to Nasdaq Listing Rule 5101.
Despite the company's disagreement with being labeled as a shell company, Talis Biomedical has chosen not to appeal the Nasdaq's decision.
As a result, trading of Talis Biomedical's common stock is expected to be halted from the start of business on Monday, September 3, 2024. Subsequently, a Form 25-NSE will be filed with the Securities and Exchange Commission (SEC), which will formally remove the company's common stock from Nasdaq's listings.
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