Thanumporn Thongkongkaew
NanoString Technologies (NASDAQ:NSTG) took a critical blow on Thursday with the announcement that the company’s shares are set to be suspended from trading on Nasdaq, effective February 14, 2024. This bold move is in connection with the company’s bankruptcy proceedings.
Subsequently, securities will be transferred to the over-the-counter (“OTC”) market on the same day, and their trading is expected to commence under the ticker symbol NSTGQ.
News of the trading suspension comes in light of a communication from Nasdaq on February 5, notifying management about the impending delisting process due to the company’s failure to meet the exchange’s listing requirements amidst bankruptcy filings.
The life science company and some of its subsidiaries filed for Chapter 11 bankruptcy in a Delaware bankruptcy court early this week, as part of a comprehensive restructuring drive.
The bankruptcy filing, a significant event, comes hot on the heels of a jury in a Delaware federal court ordering NanoString (NSTG) to pay a substantial $31 million in damages to its rival, 10x Genomics (TXG) in connection with a patent dispute between the two companies.
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