CENTOGENE Receives Delisting Notice From Nasdaq
CENTOGENE N.V., a life science company specializing in rare and neurodegenerative diseases, has received a delisting notice from Nasdaq due to non-compliance with the minimum USD 15 million market value requirement for publicly held shares. Trading of CENTOGENE's common stock on Nasdaq will be suspended on August 8, 2024. The company expects to begin trading on the OTC Markets Group platform under the symbol 'CNTGF' on the same day.
CENTOGENE has also applied to trade on the OTCQX Market in the coming weeks. The company does not plan to request a review of Nasdaq's decision. Despite ongoing efforts to complete a sale transaction as part of its strategic alternatives review process, CENTOGENE was unable to meet the compliance deadline of August 26, 2024, set by the Nasdaq panel.
CENTOGENE N.V., un'azienda della vita specializzata in malattie rare e neurodegenerative, ha ricevuto una comunicazione di esclusione dal mercato da Nasdaq a causa del non rispetto del requisito di valore di mercato minimo di 15 milioni di USD per le azioni pubblicamente detenute. Il trading delle azioni ordinarie di CENTOGENE su Nasdaq sarà sospeso l'8 agosto 2024. L'azienda prevede di iniziare a negoziare sulla piattaforma OTC Markets Group sotto il simbolo 'CNTGF' lo stesso giorno.
CENTOGENE ha inoltre presentato domanda per negoziare sul mercato OTCQX nelle prossime settimane. L'azienda non intende richiedere una revisione della decisione di Nasdaq. Nonostante gli sforzi in corso per completare una transazione di vendita nell'ambito del processo di revisione delle alternative strategiche, CENTOGENE non è riuscita a rispettare la scadenza di conformità del 26 agosto 2024 stabilita dal panel di Nasdaq.
CENTOGENE N.V., una empresa de ciencias de la vida especializada en enfermedades raras y neurodegenerativas, ha recibido un aviso de exclusión de Nasdaq debido a su incumplimiento con el requisito de un valor de mercado mínimo de 15 millones de USD para las acciones que se mantienen públicamente. La negociación de las acciones comunes de CENTOGENE en Nasdaq será suspendida el 8 de agosto de 2024. La empresa espera comenzar a negociar en la plataforma de OTC Markets Group bajo el símbolo 'CNTGF' el mismo día.
CENTOGENE también ha solicitado negociar en el mercado OTCQX en las próximas semanas. La empresa no planea solicitar una revisión de la decisión de Nasdaq. A pesar de los esfuerzos continuos para completar una transacción de venta como parte de su proceso de revisión de alternativas estratégicas, CENTOGENE no pudo cumplir con la fecha límite de cumplimiento del 26 de agosto de 2024, establecida por el panel de Nasdaq.
CENTOGENE N.V.는 희귀 및 퇴행성 질환을 전문으로 하는 생명 과학 회사로, 공개적으로 거래되는 주식에 대한 최소 1,500만 USD의 시장 가치 요건을 준수하지 못해 Nasdaq로부터 상장 폐지 통지를 받았습니다. CENTOGENE의 보통주 거래는 2024년 8월 8일에 중단됩니다. 회사는 같은 날 'CNTGF'라는 기호로 OTC Markets Group 플랫폼에서 거래를 시작할 것으로 예상하고 있습니다.
CENTOGENE는 또한 향후 몇 주 안에 OTCQX 시장에서 거래를 신청했습니다. 회사는 Nasdaq의 결정에 대한 검토 요청을 계획하고 있지 않습니다. 전략적 대안 검토 과정의 일환으로 판매 거래를 완료하기 위한 지속적인 노력에도 불구하고, CENTOGENE은 Nasdaq 위원회에서 설정한 2024년 8월 26일의 준수 마감일을 충족할 수 없었습니다.
CENTOGENE N.V., une entreprise de sciences de la vie spécialisée dans les maladies rares et neurodégénératives, a reçu un avis de radiation de Nasdaq en raison du non-respect de l'exigence de valeur marchande minimale de 15 millions USD pour les actions détenues publiquement. La négociation des actions ordinaires de CENTOGENE sur Nasdaq sera suspendue le 8 août 2024. L'entreprise s'attend à commencer à négocier sur la plateforme OTC Markets Group sous le symbole 'CNTGF' le même jour.
CENTOGENE a également demandé à négocier sur le marché OTCQX dans les semaines à venir. L'entreprise ne prévoit pas de demander un examen de la décision de Nasdaq. Malgré des efforts continus pour finaliser une transaction de vente dans le cadre de son processus d'examen des alternatives stratégiques, CENTOGENE n'a pas pu respecter la date limite de conformité du 26 août 2024 fixée par le panel de Nasdaq.
CENTOGENE N.V., ein Biowissenschaftsunternehmen, das sich auf seltene und neurodegenerative Krankheiten spezialisiert hat, hat eine Mitteilung über die Delistung von Nasdaq erhalten, da es die Anforderungen an den Mindestmarktwert von 15 Millionen USD für öffentlich gehaltene Aktien nicht erfüllt hat. Der Handel mit den Stammaktien von CENTOGENE wird am 8. August 2024 ausgesetzt. Das Unternehmen plant, am selben Tag unter dem Symbol 'CNTGF' auf der OTC Markets Group-Plattform zu handeln.
CENTOGENE hat zudem beantragt, in den kommenden Wochen an der OTCQX-Märkte zu handeln. Das Unternehmen plant nicht, eine Überprüfung der Entscheidung von Nasdaq zu beantragen. Trotz laufender Bemühungen, einen Verkaufsvertrag als Teil seines strategischen Alternativenprüfungsprozesses abzuschließen, war CENTOGENE nicht in der Lage, die von dem Nasdaq-Gremium gesetzte Frist zur Einhaltung vom 26. August 2024 einzuhalten.
- Company expects to commence trading on the OTC Markets Group platform
- Applied to trade on the OTCQX Market
- Delisting from Nasdaq due to non-compliance with minimum market value requirement
- Suspension of trading on Nasdaq effective August 8, 2024
- Unable to meet compliance deadline for sale transaction
- Uncertainty about prompt commencement of trading on OTC markets
The delisting of CENTOGENE from Nasdaq is a significant negative development for the company and its shareholders. This move will likely result in reduced liquidity and potentially lower valuation for the stock. Trading on the OTC markets, while providing some continuity, often comes with less visibility and investor interest.
The company's
Investors should be cautious, as OTC stocks typically face higher volatility and lower trading volumes. The ongoing pursuit of a sale transaction adds uncertainty, but could potentially provide an exit strategy for current shareholders.
CENTOGENE's delisting reflects broader challenges in the rare disease and neurodegenerative research sector. The company's inability to maintain a
This event may trigger a reassessment of similar companies in the biotech space, particularly those focused on data-driven approaches to rare diseases. Investors might become more cautious, leading to potential valuation pressures across the sector.
The company's strategic alternatives review, including a potential sale, could attract interest from larger pharmaceutical companies or private equity firms looking to acquire assets in the rare disease space at a discount. This situation underscores the importance of sustainable business models and clear paths to profitability in the biotech industry.
CAMBRIDGE, Mass. and ROSTOCK, Germany and BERLIN, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Centogene N.V., the essential life science partner for data-driven answers in rare and neurodegenerative diseases, today announced that it received a notice from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Nasdaq Hearings Panel has determined to delist CENTOGENE’S common stock from Nasdaq. The notice indicates that CENTOGENE (the “Company”) remains noncompliant with Nasdaq Listing Rule 5450(b)(2)(C), which requires a minimum USD 15 million market value of publicly held shares.
Suspension of trading in the Company’s common stock on Nasdaq will be effective at the open of trading on August 8, 2024. The Company may, within 15 calendar days from the date of the notice, request that Nasdaq review the decision, but the Company does not intend to make such a request.
The Company expects its common stock to commence trading on the OTC Markets Group platform (the “OTC”) at the open of trading on August 8, 2024, under the symbol "CNTGF." The Company has also applied to trade its common stock on the OTCQX Market and expects to commence trading of its common stock on the OTCQX in the coming weeks. However, no assurances can be provided that trading of the Company’s common stock on the OTC will commence promptly, or at all, or will be maintained if commenced.
As previously announced, on February 27, 2024, CENTOGENE received a notification from Nasdaq’s Listing Department notifying it of Nasdaq’s determination to delist the Company’s securities from Nasdaq due to non-compliance with Nasdaq Listing Rule 5450(b)(2)(C), subject to the Company’s right to a hearing.
On April 30, 2024, the Company had a hearing with Nasdaq and presented a plan of compliance with respect to the minimum market value requirement. As previously announced, the Company’s plan to regain compliance related to the Company completing a sale transaction by no later than August 26, 2024, which is the latest date for which the Nasdaq panel has authority to grant an extension. The Company is unable to meet this requirement. Notwithstanding the foregoing, the Company continues to actively pursue a sale transaction pursuant to its announced strategic alternatives review process.
About CENTOGENE
CENTOGENE’s mission is to provide data-driven, life-changing answers to patients, physicians, and pharma companies for rare and neurodegenerative diseases. We integrate multiomic technologies with the CENTOGENE Biodatabank – providing dimensional analysis to guide the next generation of precision medicine. Our unique approach enables rapid and reliable diagnosis for patients, supports a more precise physician understanding of disease states, and accelerates and de-risks targeted pharma drug discovery, development, and commercialization.
Since our founding in 2006, CENTOGENE has been offering rapid and reliable diagnosis – building a network of approximately 30,000 active physicians. Our ISO, CAP, and CLIA certified multiomic reference laboratories in Germany utilize Phenomic, Genomic, Transcriptomic, Epigenomic, Proteomic, and Metabolomic datasets. This data is captured in our CENTOGENE Biodatabank, with over 850,000 patients represented from over 120 highly diverse countries, over
By translating our data and expertise into tangible insights, we have supported over 50 collaborations with pharma partners. Together, we accelerate and de-risk drug discovery, development, and commercialization in target and drug screening, clinical development, market access and expansion, as well as offering CENTOGENE Biodata Licenses and Insight Reports to enable a world healed of all rare and neurodegenerative diseases.
To discover more about our products, pipeline, and patient-driven purpose, visit www.centogene.com and follow us on LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project,” “plan,” “is designed to,” “potential,” “predict,” “objective” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” and “may,” or the negative of these are generally intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause CENTOGENE’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward- looking statements. Such risks and uncertainties include, among others, negative economic and geopolitical conditions and instability and volatility in the worldwide financial markets, possible changes in current and proposed legislation, regulations and governmental policies, pressures from increasing competition and consolidation in our industry, the expense and uncertainty of regulatory approval, including from the U.S. Food and Drug Administration, our reliance on third parties and collaboration partners, including our ability to manage growth, execute our business strategy and enter into new client relationships, our dependency on the rare disease industry, our ability to manage international expansion, our reliance on key personnel, our reliance on intellectual property protection, fluctuations of our operating results due to the effect of exchange rates, our ability to streamline cash usage, our continued ongoing compliance with covenants linked to financial instruments, our requirement for additional financing, and our ability to continue as a going concern, or other factors. For further information on the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to CENTOGENE’s business in general, see CENTOGENE’s risk factors set forth in CENTOGENE’s Form 20-F filed on May 16, 2023, with the Securities and Exchange Commission (the “SEC”) and subsequent filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and CENTOGENE specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contacts:
Melissa Hall
CENTOGENE
Corporate Communications
Press@centogene.com
Lennart Streibel
CENTOGENE
Investor Relations
IR@centogene.com
FAQ
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