Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, received written notification from NYSE American LLC (“NYSE American” or the “Exchange”) stating that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Navidea Biopharmaceuticals, Inc. (the “Company”) — ticker symbol NAVB —from the Exchange. The Company’s Board of Directors has determined to appeal the Exchange’s determination to commence delisting proceedings.
NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1009(a) of the NYSE American Company Guide (the “Company Guide”) as the Company was unable to demonstrate that it had regained compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide by the end of the maximum 18-month compliance plan period, which expired on July 28, 2023. The Exchange’s application with the Securities and Exchange Commission to delist the Company’s common stock is pending, subject to completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
The Company has a right to an appeal of the staff’s determination by the Exchange, provided that the Company files a written request for such review within seven calendar days after receiving the notice. The Company’s Board of Directors has determined to appeal the Exchange’s determination to commence delisting proceedings. There can be no assurance that Navidea’s request for continued listing will be granted.
The Company’s common stock will continue to be listed and traded on NYSE American during the pendency of the Company’s appeal, subject to NYSE American’s discretion to immediately suspend trading if it believes suspension to be in the public interest, for the protection of investors, or to promote just and equitable principles of trade.
Navidea intends to make arrangements to have its common stock quoted in the over-the-counter market if its common stock is delisted from the Exchange.
Source: https://www.businesswire.com/
