Why ThermoGenesis (THMO) Shares Are Down 40%

Benzinga·06/12/2024 13:31:25

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ThermoGenesis Holdings Inc (NASDAQ:THMO) shares are trading lower by 41% to $0.33 during Wednesday's session after the Nasdaq denied the company’s request for continued listing and the stock will be suspended at the opening of business on June 17.

What Happened?

On April 19, ThermoGenesis was notified by Nasdaq that its stockholders’ equity did not meet the minimum $2.5 million required for continued listing. As of the report date, the company also did not meet alternative Nasdaq requirements for market value or net income.

On June 6 Nasdaq denied the company’s request for continued listing, citing a lack of a definitive plan for compliance. As a result, trading of the company’s stock will be suspended on June 17 and its securities will be delisted.

The company can appeal this decision by June 13, for a fee of $20,000 but currently does not plan to do so. If no appeal is made, the company’s stock is expected to trade on the Over-the-Counter Market (OTC), pending FINRA approval, although this is not guaranteed.

According to data from Benzinga Pro, THMO has a 52-week high of $1.82 and a 52-week low of $0.36.

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