Summary by Moomoo AI
On June 24, 2024, eFFECTOR Therapeutics, Inc. received a notification from Nasdaq's Listing Qualifications Staff indicating that the company is considered a 'public shell' following its announcement to terminate employees and wind down operations. This determination was made because eFFECTOR Therapeutics no longer meets Nasdaq's listing requirements, including those related to board independence and committee compositions. Additionally, the company has failed to maintain the minimum market value of listed securities of $35 million, a non-compliance issue previously disclosed on May 17, 2024. Consequently, Nasdaq plans to suspend trading of eFFECTOR Therapeutics' common stock on July 3, 2024, and will proceed with delisting the company's securities. eFFECTOR Therapeutics has decided not to appeal this decision and intends to file a Form 15 to suspend its reporting obligations under the Securities Exchange Act of 1934.