Pittsburgh-based biotech firm NeuBase Therapeutics, which is in the process of dissolving, will be removed from the Nasdaq stock exchange May 13.
NeuBase (Nasdaq: NBSE) was told Nov. 3 that its stock had been under $1 a share for 30 days and no longer qualified for continued listing on the Nasdaq. It had been given 180 days until May 1 to bring its stock past the $1 a share minimum bid. NeuBase was told May 2 that since it didn't receive any information from the company that it would suspend its common stock from trading beginning May 13.
NeuBase said in a U.S. Securities and Exchange Commission filing that it won't appeal. It's in the midst of a dissolution and liquidation plan that was to be voted upon by shareholders May 13.
NeuBase share dropped 8.5% to 37 cents in early trading Monday on the Nasdaq. It's down 47% year to date and down 100% in the past five years. Its 52-week high was $4.80 a share and it's at its 52-week low, according to Google Finance.
The once-promising biotech company has been winding down its operations and, in August 2023, laid off about 83% of its workforce. The board in February 2024 determined that dissolution and liquidation was the best path for the company, and expects to be able to distribute between $500,000 and $2.5 million if the plan is approved May 13. That would be between 13 cents and 67 cents per share.
The biggest shareholder in the company is former CEO Dietrich Stephan, who owns 244,028 shares between his own along with those held by family trusts , according to an SEC filing. The next biggest shareholder is Todd P. Branning, interim CEO and CFO, with 21,040 shares. There are 3.7 million shares outstanding.
