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Transgenomic Delisted from Nasdaq

NEW YORK (GenomeWeb) – Transgenomic announced today that its shares have been suspended from the Nasdaq. Beginning tomorrow, Feb. 22, the firm's shares will begin trading instead on the OTCQB exchange under the ticker "TBIO."

Earlier this month, the company received written notification from the Nasdaq that it would be delisting Transgenomic's shares as the company no longer met certain continued listing requirements. The firm was required to meet the exchange's minimum share price and shareholder equity requirements on or before Feb. 19 in order to continue trading there.

Meanwhile, Transgenomic said that it has been working "working diligently" toward completing a planned merger with Precipio Diagnostics, which it expects to close during the second quarter of 2017, subject to stockholder approval and certain other conditions.

According to Transgenomic, the merger has been structured, in part, to result in a new combined entity that will meet all initial listing standards for trading on the Nasdaq. The new company, which will take Precipio's name, has applied in advance to list its shares on the exchange, and expects to resume trading when the merger closes under the proposed ticker "PRPO."

 

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