In a recent development, Panbela Therapeutics Inc. (NASDAQ: NASDAQ:PBLA) is set to be delisted from The Nasdaq Stock Market LLC due to non-compliance with the minimum stockholders equity requirement. The Nasdaq Hearings Panel has decided to suspend trading of the company's common stock at the opening of the market today, with a formal delisting to follow.
The biopharmaceutical company, which focuses on developing treatments for cancer, failed to meet the Nasdaq's minimum requirement of $2.5 million in stockholders equity. Panbela was unable to satisfy any alternative compliance options presented by Nasdaq Listing Rule 5550(b). As a result, the company's securities will no longer be traded on Nasdaq starting from today.
Following the suspension, Panbela's common stock is expected to be quoted on the OTC Pink Market under the same ticker symbol, PBLA. This transition allows for continued public trading of the company's shares, albeit on a less prestigious and more lightly regulated market.
Panbela has a 15-day period from the notice date to appeal the Panel's decision by requesting a review from the Nasdaq Listing and Hearing Review Council. Additionally, the Council has the authority to initiate a review of the Panel's decision within 45 days from the notification date.
Despite the delisting, Panbela has affirmed its commitment to maintaining transparency with its investors by continuing to file required periodic reports and other filings with the U.S. Securities and Exchange Commission. The company's focus remains on its ongoing research and development initiatives.
The information regarding the delisting is based on a statement from a press release.
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