Vincerx Pharma (VINC) said late Thursday it plans to file a delisting form with the Securities and Exchange Commission on or about April 28 to have its common stock removed from Nasdaq.

The decision comes after Vincerx was issued a noncompliance notice from Nasdaq for failing to meet the minimum $1.00 bid price requirement for 30 consecutive business days without any period to regain compliance, the company said.

Nasdaq suspended trading of the company's common shares on April 16 despite notifying it would do so on April 23, it added.

Vincerx said it worked with Nasdaq to allow trading to resume on Monday, and trading will be permanently suspended at the open of business on April 23.

The company said it will file Form 15 to deregister with the SEC once the delisting application comes into effect.