NEW YORK (GenomeWeb News) – Nanogen's shares began trading on the OTC Pink Sheets this morning after being removed from the Nasdaq market.
The transfer of the firm's common stock was expected after it announced a week and a half ago that it had received a delisting notice, which it did not intend to appeal.
As reported a week ago by GenomeWeb Daily News, Nanogen was subject to delisting because it has not paid certain outstanding fees as required for continued listing on the exchange. The firm also mentioned at the time that it had received a notice of default from General Electric related to the financing of certain equipment operated by Nanogen. The firm had failed to make certain scheduled principal and interest payments to GE under an agreement signed in June 2001.