ENGLEWOOD, Colo. - Ampio Pharmaceuticals (NYSE:AMPE), Inc. (NYSE American: AMPE) announced today its decision to voluntarily delist its common stock from the NYSE American. The pharmaceutical company has notified the NYSE American of its intent and plans to file the necessary paperwork with the Securities and Exchange Commission (SEC) around April 4, 2024, with the delisting expected to be effective approximately ten days later.
Following the delisting, Ampio Pharmaceuticals intends to deregister its common stock, which will suspend its reporting obligations under the Securities Exchange Act of 1934. This action will consequently cease the company's requirement to file regular reports with the SEC, such as Forms 10-K, 10-Q, and 8-K. The deregistration is anticipated to take effect 90 days after the filing of the Form 15, which is scheduled around April 15, 2024.
The company's Board of Directors cites several reasons for this strategic move, including non-compliance with the continued listing requirements of the NYSE American and the high costs associated with regulatory compliance and reporting.
These factors have led to significant operating expenses for Ampio. The Board believes that delisting and deregistration will enable the company to better manage its cash flow and facilitate an orderly wind down of operations.
Previously, Ampio Pharmaceuticals focused on developing treatments for osteoarthritis through its OA-201 program. However, in February 2024, the company reported that the expected pain reduction benefit was not observed in non-clinical studies, leading to the termination of the OA-201 program.
The delisting and deregistration process is based on forward-looking statements and involves various risks and uncertainties, including the company's ability to manage its resources during the wind-down and the impact of pending legal proceedings on its financial position.
This move is expected to reduce the availability of public information about the company and may negatively affect the stock's market price and liquidity. The information regarding the delisting and deregistration is based on a press release statement from Ampio Pharmaceuticals, Inc.
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