- The stock price of Odonate Therapeutics Inc (NASDAQ: ODT) fell by over 17% during intraday trading today. This is why it happened.
The stock price of Odonate Therapeutics Inc (NASDAQ: ODT) fell by over 17% during intraday trading today. Investors are responding negatively to Odonate Therapeutics announcing that on January 6, 2022, it received written notice from The Nasdaq Stock Market LLC notifying Odonate that Nasdaq believes that Odonate is a “public shell” pursuant to Listing Rule 5101, and that the continued listing of its securities is no longer warranted.
Odonate is not going to appeal this determination. And Odonate expects the trading of its common stock on The Nasdaq Stock Market to be suspended at the opening of business on January 18, 2022, and that Nasdaq will file a Form 25-NSE with the U.S. Securities and Exchange Commission, which will remove Odonate’s securities from listing and registration on The Nasdaq Stock Market.
Plus Odonate intends to file with the SEC a Form 15 requesting the suspension of the company’s reporting obligations.
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