HOUSTON - Aravive Inc. (NASDAQ:ARAV), a biopharmaceutical company, has announced its decision to voluntarily delist its common stock from the Nasdaq Global Select Market. The move follows the approval from its shareholders to transfer substantially all of the company's assets for the benefit of creditors and to dissolve the entity. This decision was ratified by the company's board on January 12, 2024, in alignment with the stockholders' consent at the 2023 annual meeting.
The company, which has not met the Nasdaq's minimum market value and bid price requirements, expects to cease trading on Nasdaq around February 8, 2024. Aravive has not sought an alternative exchange listing or quotation medium for its common stock. Following the delisting, the company plans to deregister its common stock under the Securities Exchange Act of 1934 and suspend its public reporting obligations.
Aravive's non-compliance with Nasdaq's Listing Rules was initially communicated on September 15, 2023, when it was noted that the company's market value and publicly held shares fell below the required thresholds, and its common stock did not maintain the minimum $1.00 bid price per share.
The company intends to file a Form 25 with the Securities and Exchange Commission (SEC) on or around January 29, 2024, to initiate the delisting process. Subsequently, on or around the effective delisting date, Aravive is expected to file a Form 15 with the SEC, which will likely suspend the company's obligation to file periodic reports such as Forms 10-K, 10-Q, and 8-K.
The information in this article is based on a press release statement from Aravive, Inc.
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