Enlivex Hit With Nasdaq Delisting Notice, Vows Appeal
ENLV is trading near its 52-week low of $2.562 (93% below the low).
Summary
Enlivex received a Nasdaq delisting notice after its bid price stayed below $1.00 for 30 business days, and the company says it will appeal. The stock is already trading around $0.17, so the notice formalizes a problem the market has been pricing for months. This lands the same day as the 1-for-16 reverse split that shareholders approved at the October 14 extraordinary meeting — the split was the company's stated fix for the $1.00 bid requirement, and the delisting notice shows Nasdaq acted before it took effect. It also follows the October 19 cost-cutting plan, which cut roughly 60% of the workforce and wound down non-clinical R&D, and the September 22 termination of the $400M Rain Foundation private placement. An appeal buys time, but a delisting would hit liquidity and index eligibility for a company already valued at only a few million dollars.
At the time of this announcement, ENLV was trading at $0.17 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $3.2M. The 52-week trading range was $2.56 to $434.40. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.