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Bellerophon Therapeutics (NASDAQ:BLPH) stock is driving after receiving a delisting notice.
The Listing Qualifications Department for the Nasdaq Exchange has decided to delist shares of Bellerophon stock on 28 July unless the company timely requests a hearing before a Nasdaq Hearings Panel to address the deficiencies and present a plan to regain compliance.
The company plans to timely request a hearing before the Panel, which request will stay any further delisting action by the Staff pending the outcome of the hearing and the expiration of any extension that the Panel may grant.
The company’s common stock will remain listed and eligible for trading on Nasdaq, at least pending the ultimate conclusion of the hearing process.
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.
Price Action: BLPH shares are down 38% at $0.44 on the last check Tuesday.
Posted In: BLPH
