DJ Adynxx Shares Plunge 30% After Nasdaq Sends Delisting Notice
By Stephen Nakrosis
Shares of biopharmaceutical company Adynxx Inc. (ADYX) have lost over 30% in Wednesday's market, after the company said it was notified by the Nasdaq Capital Market that its shares have been delisted.
Adynxx said it was informed by the exchange that the company wasn't in compliance with the minimum round lot stockholders and the minimum stockholders' equity requirement for an initial listing.
At 1:36 p.m. ET, Adynxx shares had fallen 34.33% to trade at $3.90. Volume was over 78,000 shares trading, above the 65-day average volume of 16,417.
Adynxx said it's considering an appeal, but added an appeal won't stop the suspension of trade on Nasdaq.
The company said it expects the stock to begin trading on the OTC Markets Pink tier on June 13, under its current symbol.
"We are diligently pursuing courses of action intended to comply with Nasdaq's initial listing requirements," CEO Rick Orr said.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
June 12, 2019 13:53 ET (17:53 GMT)
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