CASI Pharmaceuticals Inc. (NASDAQ:CASI) jumped 24.48% after hours to $0.25 on Wednesday after the company announced plans to transition to OTC Markets Group (OTC:OTCM) following a formal Nasdaq delisting.
OTC Markets Group is a financial services corporation that operates a financial market.
Nasdaq Delisting Triggers OTC Move
The Nasdaq Hearings Panel issued a formal delisting determination Monday, citing the clinical-stage biopharmaceutical company’s failure to meet continued listing requirements. Trading will be suspended at the start of market hours on Thursday, with delisting to follow after the required procedures are completed.
CASI said it will not appeal the decision.
The company stated that its ordinary shares are expected to be quoted on OTC Markets Group, allowing trading to continue.
CASI noted that the delisting carries “no significant impact” on its operations.
Trading Metrics, Technical Analysis
CASI Pharmaceuticals has a market capitalization of $4.26 million, with a 52-week high of $3.08 and a 52-week low of $0.21.
The Relative Strength Index (RSI) of CASI stands at 18.40.
Over the past 12 months, the stock of the California-based biopharmaceutical company has seen a staggering decline of 91.13%.
Price Action: According to Benzinga Pro data, CASI closed the regular session down 74.06% at $0.21.
Currently, the stock is positioned at its annual low.
Benzinga’s Edge Stock Rankings indicate that CASI has a negative price trend across all time frames.
Photo courtesy: Who is Danny/Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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