NEW YORK – On the heels of the sale of its point-of-care technology to Roche, LumiraDx on Friday said that Nasdaq has notified the firm that its stock will be suspended from trading at the start of business on Jan. 9 due to the company's inability to comply with a listing requirement.
London-based LumiraDx was notified by Nasdaq in October that its stock fell short of the minimum bid price required to remain listed on the exchange, putting it at risk of being delisted. The firm appealed the determination, and a hearing was scheduled for Jan. 18. In light of the decision to sell its point-of-care technology, which LumiraDx said is essentially all of its assets, its board approved the withdrawal of its appeal.
On Jan. 5, the company received a letter from Nasdaq confirming LumiraDx's decision to withdraw its appeal, adding it would delist its stock.
LumiraDx grew out of the COVID-19 pandemic, launching a point-of-care instrument and assays directed at detecting the SARS-CoV-2 virus, and went public in late 2021.
Like many other firms focused mainly on COVID-19 testing, though, as the pandemic has waned, LumiraDx has more recently been unable to build its business. Last April, it announced a restructuring that included laying off 40 percent of its workforce. In November, members of its management, including its CEO Ron Zwanziger, and board resigned.