Bellerophon Therapeutics (NASDAQ:BLPH) stock is losing value on Tuesday after the clinical-stage therapeutics company was sent a delisting notice.
The Listing Qualifications Department for the Nasdaq Exchange has decided to delist shares of BLPH stock come Friday unless it requests a meeting with the Nasdaq Hearings Panel. The company says it intends to set up such a meeting.
The delisting notice comes after the company laid off workers and announced plans to explore strategic alternatives. According to the Nasdaq Listing Qualifications Department, this has Bellerophon Therapeutics acting as a public shell company, which makes it ineligible to remain listed.
To go along with that, the bid price for shares of BLPH stock is currently sitting below the $1 minimum. That’s another issue the Nasdaq has with the company’s shares and was listed alongside its reason for delisting the stock.
What This Means For BLPH Stock
Considering the case against it, Bellerophon Therapeutics will have to convince the Nasdaq Hearings Panel to not move forward with its delisting. That means investors in BLPH stock will want to keep a close eye on the company for news from the meeting.
However, many investors are already jumping ship as more than 1.1 million shares of BLPH stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is only about 553,000 shares.
BLPH stock is down 33.7% as of Tuesday morning.
Investors looking for even more of the most recent stock market news are going to want to keep reading!
We have all of the latest stock market stories that traders need to know about on Tuesday! That includes everything happening with shares of Humanigen (NASDAQ:HGEN) stock, Electra Battery Materials (NASDAQ:ELBM) stock, and Dunxin Financial (NYSEMKT:DXF) stock today. You can catch up on all of this news by checking out the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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