Neptune Announces Decision Of Nasdaq Hearings Panel To Delist Common Shares
Portfolio Pulse from Benzinga Newsdesk
Neptune Wellness Solutions Inc. (NASDAQ:NEPT) announced its common shares will be delisted from Nasdaq following a decision by the Nasdaq Hearings Panel. The decision came after Neptune failed to meet the minimum bid price and stockholders' equity requirements for continued listing. Despite an appeal, the Panel upheld the delisting determination. Trading of Neptune's common shares on Nasdaq will be suspended starting March 7, 2024. Neptune is seeking to have its shares quoted on the OTCQB Venture Market.
March 06, 2024 | 1:42 pm
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Neptune Wellness Solutions Inc.'s common shares will be delisted from Nasdaq due to failure to meet listing requirements, with trading suspended from March 7, 2024. The company plans to move to the OTCQB Venture Market.
The delisting of Neptune Wellness Solutions Inc. from Nasdaq is a significant negative event as it reflects the company's failure to meet basic financial and market standards set by Nasdaq. This could lead to reduced investor confidence and limited access to capital markets, negatively impacting the stock price in the short term. The move to the OTCQB Venture Market might not fully mitigate these negative effects due to the perceived lower prestige and liquidity of OTC markets compared to Nasdaq.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100