PHAXIAM Therapeutics Announces Intention To Voluntary Delist American Depositary Shares From The Nasdaq Capital Market
Portfolio Pulse from Benzinga Newsdesk
PHAXIAM Therapeutics announced its intention to voluntarily delist its American Depositary Shares (ADSs) from the Nasdaq Capital Market, effective before trading opens on March 11, 2024. The company, listed on Euronext Paris as its primary market, aims to reduce cash utilization and focus financial resources on key development milestones. The delisting from Nasdaq is seen as a strategic move to save resources given PHAXIAM's current development stage. The company will file necessary forms with the SEC to initiate the removal of the ADS listing and deregistration. ADS holders have until May 20, 2024, to surrender their ADSs for the underlying ordinary shares, with The Bank of New York Mellon serving as the depositary.
February 20, 2024 | 9:26 pm
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PHAXIAM Therapeutics plans to delist its ADSs from Nasdaq to focus on its primary market on Euronext Paris and conserve financial resources for development milestones.
The decision to delist from Nasdaq is likely to have a negative short-term impact on PHAXIAM's stock price due to potential investor concerns over the company's visibility and liquidity in the U.S. market. However, the move is intended to save resources and focus on development, which could be positive in the long term. The immediate reaction may be negative due to the uncertainty and reduced U.S. market presence.
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