Investing.com — shares tumbled 56.7% Wednesday after the company announced it received a determination letter from the Nasdaq Hearings Panel to delist its securities from the exchange.
The clinical-stage biopharmaceutical company disclosed that Nasdaq’s Panel dated the determination letter February 23, 2026, citing the company’s failure to satisfy continued listing conditions. The company’s securities will be suspended from trading at the open of business on February 26, 2026, and delisted after completion of applicable processes. CASI said it does not intend to request a review of the decision.
Following the delisting, CASI expects its ordinary shares will be quoted on the over-the-counter market operated by OTC Markets Group Inc., allowing a trading market to potentially continue for its shares. However, the company noted there is no guarantee that a broker will continue to make a market in the ordinary shares or that trading will continue on an OTC market.
CASI, which focuses on developing CID-103, an anti-CD38 monoclonal antibody for patients with organ transplant rejection and autoimmune diseases, stated the delisting will have no significant impact on the company’s operations.
Delisting from major exchanges typically results in reduced liquidity and visibility for companies, as OTC markets generally have lower trading volumes and less stringent disclosure requirements compared to Nasdaq.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.