Kineta, Inc., a pharmaceutical company, is set to be delisted from The Nasdaq Capital Market as of today, due to non-compliance with certain Nasdaq Listing Rules. The company, which operates under the organization name 03 Life Sciences, was previously informed by the Nasdaq Listing Qualifications Staff that its request for continued listing was denied. This decision was based on Kineta's failure to meet the minimum bid price requirement and the minimum equity standard as outlined in Nasdaq Listing Rules 5550(a)(2) and 5550(b)(1).
The company, incorporated in Delaware with headquarters in Mercer (NASDAQ:MERC) Island, Washington, did not appeal the determination by the deadline of September 17, 2024. Consequently, trading of Kineta's common stock, with a par value of $0.001 per share, was suspended at the opening of business today. Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will lead to the official delisting of the company's stock 10 days after the filing.
Despite the delisting from Nasdaq, Kineta will continue to be a reporting company under the Securities Exchange Act of 1934. The company's common stock is expected to begin trading on the OTC Markets Group platform today under the ticker symbol "KA." Investors will be able to access quotes and related information through the OTC Markets website.
Kineta, which has undergone several name changes in its history, was formerly known as Yumanity Therapeutics, Inc., Proteostasis Therapeutics (OTC:KANT), Inc., and Proteostasis Therapeutics Inc . This transition to the OTC Markets Group platform follows the company's inability to satisfy the continued listing standards of Nasdaq. The information regarding this delisting is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.