NEW YORK – NanoString Technologies said in a regulatory filing last week that it decided on Dec. 31 to lay off approximately 50 employees, or about 9 percent of its workforce.
In a document filed with the US Securities and Exchange Commission on Friday, the Seattle-based company said it took the measure "to decrease its costs and create a more streamlined organization" and expects the layoffs to be completed by March 31.
NanoString anticipates incurring approximately $2 million in costs related to the workforce reduction, mostly severance pay and transition support services for the affected staff members, and plans to recognize those costs in Q4 2023.
In addition, the company said it received a delisting notice from the Nasdaq on Jan. 4 because the bid price for its common stock had closed below the $1.00 per share minimum bid price requirement for the previous 30 consecutive business days. NanoString now has 180 days, or until July 2, to regain compliance. To do so, the closing bid price for its common stock must be at least $1.00 per share for 10 or more consecutive business days.
If it fails to regain compliance by July 2, NanoString may qualify for another 180-day compliance period if it transfers the listing of its common stock to the Nasdaq Capital Market and meets certain other requirements.
NanoString said it will "actively monitor" the closing bid price of its common stock and will "consider all available options" to regain compliance, which may include a reverse stock split.