NEW YORK – German rare disease diagnostics and research firm Centogene said Wednesday that its common stock will stop trading on the Nasdaq, effective Aug. 8.
Centogene expects its common stock to start trading on the OTC Markets Group platform that same day under the ticker symbol CNTGF. The firm has also applied to list its stock on the OTCQX market, where it expects to start trading in coming weeks.
The Rostock-based firm said it received a notice from the Nasdaq saying its hearings panel had determined to delist Centogene's stock because it continues to have a market value below the $15 million minimum.
Centogene said it does not intend to ask the Nasdaq to review the decision.
In April, the firm presented a plan to regain compliance with the listing requirements by completing a sale transaction by Aug. 26 and received an extension from the Nasdaq for listing its stock until that date. However, the company said it was unable to meet that requirement.
Nevertheless, Centogene said, it "continues to actively pursue a sale transaction" in accordance with its ongoing strategic review process, announced in February.
In May, the firm said it had received $20 million in funding from Lifera, a biopharma owned by the Public Investment Fund in Saudi Arabia. Lifera also acquired 16 percent of Centogene's stake in a joint venture between the two firms, announced a year ago, which intends to provide multiomic testing to patients in Saudi Arabia and the countries of the Gulf Cooperation Council.