Sanny11/iStock via Getty Images
- Burcon NutraScience (NASDAQ:BRCN) stock slid 23.1% postmarket on Friday after the firm said it will delist its shares from Nasdaq Capital Market.
- BRCN shares will be suspended from trading on the exchange on or about Sept. 12.
- The company in Apr. received a Nasdaq notice indicating that it was not in compliance with the minimum bid price rule.
- BRCN's management believes it will not be able to regain compliance by the Sept. 28 deadline and a plan for share consolidation would be of no benefit.
- The company's stock will continue to be listed on the Toronto Stock Exchange.
- BRCN is exploring listing its stock on either the OTC Pink Open Market or the OTCQB.
- The firm said its auditors PricewaterhouseCoopers resigned, effective Sept. 1, and will therefore postpone its annual shareholder meeting, which was to be held on Sept. 14.
- PwC confirmed there were no "reportable events" or "unresolved issues".
- BRCN shares have dropped 55.9% YTD.