Navidea Biopharmaceuticals, Inc. Announces NYSE American’s Decision to Suspend Trading In Its Common Stock

Rhea-AI Summary

Navidea Biopharmaceuticals, Inc. faces delisting proceedings for its common stock on NYSE American.

Positive

• Navidea's common stock will be delisted from NYSE American, with trading suspended and a potential move to over-the-counter markets.
• The company has the option to request a review of the delisting decision within 15 calendar days.
• Navidea will continue to be an SEC reporting company even if delisted, and may consider relisting on a national securities exchange in the future.

Negative

• None.

The Company announced today that the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the NYSE American LLC upheld the NYSE Regulation staff’s previously announced determination to initiate delisting proceedings with respect to the Company’s common stock. The company maintains strategic focus on its Fix, Fund, Propel approach.

DUBLIN, Ohio--(BUSINESS WIRE)-- Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, today announced that the Listings Qualifications Panel (the “Panel”) of the Committee for Review of the Board of Directors of the NYSE American LLC (the “Committee”) upheld the NYSE Regulation staff’s previously announced determination to initiate delisting proceedings with respect to the Company’s common stock. Accordingly, the staff of NYSE Regulation has suspended trading in the common stock of Navidea from the NYSE American. The Company anticipates that its common stock will begin trading on the over-the-counter (OTC) markets.

The Company has a right to request a review of the Panel’s decision to delist the common stock by the Committee by making a written request within 15 calendar days of the date of the Panel’s decision. The filing of an application with the Securities and Exchange Commission to delist the common stock is pending completion of all applicable procedures, including any appeal by the Company of the Panel’s decision. The Company is in the process of determining whether to request a review of the Panel’s decision.

In the event the Company’s common stock is delisted, the Company will continue to be a Securities and Exchange Commission (“SEC”) reporting company. The Company may then also consider relisting its common stock on a national securities exchange in the future if the Company determines that doing so is in the best interest of the Company and its stockholders. The Panel’s decision does not affect Navidea’s business operations.

“We are respectful of the process and the perspective of the Exchange’s staff and Listings Qualifications Panel,” said Craig A. Dais, Navidea’s Chief Financial Officer. “We also believe in the progress the Company continues to make, and the impact of the changes being made to move the Company forward. We will maintain our focus on exploring all strategic options which advance us toward the Company’s objectives, including continuing active discussions focused on licensing partnerships and other non-dilutive capital raise options, in order to meet the Company’s business goals and deliver value to our stockholders.”

About Navidea

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a biopharmaceutical company focused on the development of precision immunodiagnostic agents and immunotherapeutics. Navidea is developing multiple precision-targeted products based on its Manocept platform to enhance patient care by identifying the sites and pathways of disease and enable better diagnostic accuracy, clinical decision-making, and targeted treatment. Navidea’s Manocept platform is predicated on the ability to specifically target the CD206 mannose receptor expressed on activated macrophages. The Manocept platform serves as the molecular backbone of Tc99m tilmanocept, the first product developed and commercialized by Navidea based on the platform. Navidea’s strategy is to deliver superior growth and shareholder return by bringing to market novel products and advancing the Company’s pipeline through global partnering and commercialization efforts. For more information, visit www.navidea.com.

About G2G Ventures

G2G Ventures is a Colorado-based private equity firm focused on empowering organizations to reach their full potential through investment and consulting services. Specializing in creating long-term partnerships with trusted investors and established businesses, G2G Ventures draws on strong internal balance sheet liquidity, augmented by trusted investor capital, to craft bespoke capital solutions which include private equity investment, venture capital participation, and mezzanine debt options. Beyond financial investment, G2G Ventures provides accretive consulting services to help clarify strategic goals and key performance indicators (KPIs), evolve financial processes, and enhance operational effectiveness. To learn more about how G2G Ventures is a growth partner for enduring business, connect with our team.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements include our expectations regarding the Company’s progress, strategic options, business goals, and other matters. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things: our history of operating losses and uncertainty of future profitability; the final outcome of any pending litigation; our ability to successfully complete research and further development of our drug candidates; the timing, cost and uncertainty of obtaining regulatory approvals of our drug candidates; our ability to successfully commercialize our drug candidates; dependence on royalties and grant revenue; our ability to implement our growth strategy; anticipated trends in our business; our limited product line and distribution channels; advances in technologies and development of new competitive products; our common stock is subject to delisting from the NYSE American under a currently pending delisting proceeding; our ability to comply with the NYSE American continued listing standards; our ability to maintain effective internal control over financial reporting; the impact of the current coronavirus pandemic; and other risk factors detailed in our most recent Annual Report on Form 10-K and other SEC filings. You are urged to carefully review and consider the disclosures found in our SEC filings, which are available at http://www.sec.gov or at http://ir.navidea.com.

Investors are urged to consider statements that include the words “will,” “may,” “could,” “should,” “plan,” “continue,” “designed,” “goal,” “forecast,” “future,” “believe,” “intend,” “expect,” “anticipate,” “estimate,” “project,” and similar expressions, as well as the negatives of those words or other comparable words, to be uncertain forward-looking statements.

You are cautioned not to place undue reliance on any forward-looking statements, any of which could turn out to be incorrect. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this report. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231005935545/en/

Investor Relations Contact

Navidea Biopharmaceuticals, Inc.

G2G Ventures - Executive Consultant

Theodore Gerbick

Chief Marketing Officer

tgerbick@g2g.ventures

Source: Navidea Biopharmaceuticals, Inc.

FAQ

What is happening with Navidea Biopharmaceuticals, Inc.'s common stock?

Navidea's common stock is facing delisting proceedings on NYSE American.

Is trading of Navidea's common stock suspended?

Yes, trading of Navidea's common stock has been suspended on NYSE American.

Can Navidea request a review of the delisting decision?

Yes, Navidea has the option to request a review of the delisting decision within 15 calendar days.

Will Navidea still be an SEC reporting company if delisted?

Yes, Navidea will continue to be an SEC reporting company even if its common stock is delisted.

Is Navidea considering relisting its common stock in the future?

Yes, Navidea may consider relisting its common stock on a national securities exchange in the future.