In a notable turn of events on November 20, 2023, CohBar Inc, a clinical stage biotechnology company, was notified by The Nasdaq Stock Market LLC’s Listing Qualifications Department, instigating apprehensions regarding the potential delisting of the company’s common stock. The notification, issued in accordance with Nasdaq Listing Rule 5101, asserted that the company is deemed a “public shell.” The determination was based on the Staff’s belief that the continued listing of CohBar’s securities is no longer warranted. Additionally, the company was found to be non-compliant with certain board and committee composition listing requirements under Nasdaq Listing Rule 5605 and some of Nasdaq’s filing requirements pursuant to Nasdaq Listing Rule 5250(c)(1).
Consequently, trading of CohBar Inc’s common stock is set to be suspended, effective at the opening of business on November 29, 2023. This drastic measure will be implemented unless the company promptly requests a hearing before a Nasdaq Hearings Panel to challenge Nasdaq’s determination and address the identified deficiencies.
However, CohBar Inc has announced that it does not intend to request a hearing, signaling an anticipation that trading in its common stock will indeed be suspended as of the mentioned date. Following this suspension, Nasdaq will take further action by filing a Form 25-NSE with the Securities and Exchange Commission (SEC) to formally delist CohBar Inc’s common stock. Notably, Nasdaq has not disclosed the exact date on which this formal delisting filing, known as Form 25-NSE, will be submitted.
The company communicated this pivotal development through a press release issued on November 27. In response to this news, the market witnessed a downturn in CohBar Inc’s stock, which had closed at $0.90 on Monday. Subsequent to the announcement, the stock resumed trading at $0.65.
At the time of this publication, CohBar Inc stock (CWBR) has witnessed a decline.
CohBar Inc
Current Price: $0.68
Change : -0.22
Change (%): (-24.44%)
Volume: 128.2K
Source: Tomorrow Events Market Data
This regulatory setback adds to the recent struggles faced by CohBar Inc, as reflected in its stock performance over various periods. The 5-day performance showed a decline of 27.02%, while the 1-month, 3-month, year-to-date (YTD), and 1-year performances exhibited significant decreases of 63.69%, 76.66%, 61.44%, and 58.11%, respectively.
Investors and industry observers are closely monitoring the unfolding events surrounding CohBar Inc, as the company navigates the regulatory challenges and potential repercussions associated with the Nasdaq delisting. The situation raises questions about the future trajectory of the company and its ability to address the concerns raised by the regulatory authorities.
