By Katherine Hamilton
Vaccinex shares dropped Tuesday after the company said it is being delisted from the Nasdaq capital market after falling short of the minimum stockholder equity required for listing.
The stock lost about two-thirds of its value on Tuesday. Shares are down 87% to $1.37 this year.
The biotechnology company, which specializes in treating neurodegenerative diseases, said Nasdaq gave notice on Monday it was delisting the company. Vaccinex has previously said it did not maintain the minimum $2.5 million in stockholders' equity required to be listed on the market.
Trading in Vaccinex's common stock will be suspended starting on Wednesday when the market opens, the company said.
After its delisting from Nasdaq, Vaccinex said it expects its stock will be on the OTC Markets Group under the symbol VCNX.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 17, 2024 11:55 ET (16:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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