ObsEva SA (OBSV) said Wednesday that it received a notification letter from the Nasdaq Stock Market, advising the company that its securities are scheduled for delisting from the Nasdaq Capital Market and will be suspended at the opening of U.S. business on March 23, 2023. But the company intends to maintain its SIX Swiss Exchange listing where all common shares may continue to trade under the ticker symbol "OBSN".
The company said it had received a notification letter on September 12, 2022 from Nasdaq advising it that it was not in compliance with Listing Rule, because, for a period of thirty consecutive business days, the bid price of ObsEva's common shares had closed below the minimum $1.00 per share requirement for continued listing. The company was provided 180 calendar days, or until March 13, 2023, to regain compliance with the Rule. The Company has not regained compliance by this deadline.
The company intends to file with the SEC a Form 15 requesting deregistration of its securities.
The company expects the Nasdaq delisting and SEC deregistration to contribute to lower general and administrative costs in the future.
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