Yield10 Bioscience Announces Delisting from Nasdaq
On May 15, 2024, Yield10 Bioscience (Nasdaq:YTEN) announced its delisting from Nasdaq due to non-compliance with the minimum stockholders’ equity requirement of $2,500,000 set by Nasdaq Listing Rule 5550(b)(1). Trading suspension of YTEN on Nasdaq will start on May 16, 2024, after which the shares will trade publicly on the OTC Markets under the same symbol, YTEN. Yield10 plans to apply for trading on the OTC-QB market. The company assures that the transition to the OTC Market will not impact its business operations and remains committed to advancing Camelina development and exploring strategic opportunities to enhance shareholder value. The common stock will continue to be SEC-registered and reports will be available on the SEC's website. This announcement aligns with Nasdaq Listing Rule 5810(b) requirements.
- The company will still trade publicly on the OTC Market after delisting, ensuring market presence.
- Yield10 remains committed to its business plan and the development of Camelina, aiming to enhance shareholder value.
- Company's common stock will continue to be registered with the SEC and reports will be accessible on the SEC's website.
- Yield10 Bioscience failed to meet Nasdaq’s minimum stockholders’ equity requirement of $2,500,000.
- Trading suspension on Nasdaq will commence on May 16, 2024.
- Transition to the OTC Market may result in reduced liquidity and visibility for the stock.
Insights
Yield10 Bioscience's delisting from Nasdaq is a significant development for the company and its shareholders. Delisting implies that Yield10 could not meet the Nasdaq’s minimum stockholders’ equity requirement of
However, it’s important to note that Yield10 intends to apply for trading on the OTC-QB market, which can provide more transparency compared to the general OTC market. This move might offer some reassurance about the company's commitment to maintaining some level of investor trust and regulatory compliance.
The delisting of Yield10 Bioscience from Nasdaq shifts the company's trading to the OTC Market, which has implications for market perception and visibility. The OTC market is generally perceived as less prestigious and often hosts companies with higher risk profiles. As a result, Yield10 might experience reduced investor confidence and lower trading volumes. This transition could impact the company's market valuation and make it harder to attract new investors or raise capital. Nevertheless, for existing shareholders, it's important to monitor how the company communicates its ongoing business strategies and any potential partnerships or developments in the pipeline, which could help mitigate some of these adverse effects.
WOBURN, Mass., May 15, 2024 (GLOBE NEWSWIRE) -- Yield10 Bioscience, Inc. (Nasdaq:YTEN) ("Yield10" or the "Company"), an agricultural bioscience company, today announced that Company has received a final delisting notice from Nasdaq. The delisting is a result of failure to regain compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market set forth in Nasdaq Listing Rule 5550(b)(1) requiring companies listed on the Nasdaq Capital Market to maintain stockholder’s equity of at least
Following the Nasdaq delisting, shares of the Company's common stock will continue to trade publicly. Effective May 16, 2024, the Company's common stock will be eligible for quotation and trading on the "over the counter" market operated by the OTC Markets Group Inc. (the "OTC Market"). The Company's trading symbol will remain YTEN. For stock price quotes or additional information on the OTC Market, please visit www.otcmarkets.com. The Company plans to apply for trading on the OTC-QB market.
The Company does not expect the transition to the OTC Market to affect business operations. The Company remains focused on executing its business plan and will explore any and all strategic opportunities, both internally and externally, that have the ability to advance the development of Camelina, as well as grow shareholder value.
Following the Nasdaq delisting, the Company's common stock will continue to be registered with the SEC under the Exchange Act, and the Company will continue to file reports under the Exchange Act, which reports will be available on the SEC's website, www.sec.gov.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a Staff delisting determination.
About Yield10 Bioscience
Yield10 Bioscience, Inc. is an agricultural bioscience company that is leveraging advanced genetics to develop the oilseed Camelina sativa ("Camelina") as a platform crop for large-scale production of sustainable seed products. These seed products include feedstock oils for renewable diesel and sustainable aviation biofuels; omega-3 (EPA and DHA+EPA) oils for pharmaceutical, nutraceutical and aquafeed applications; and, in the future, PHA biomaterials for use as biodegradable bioplastics. Subject to the availability of sufficient financial resources to continue operations, our commercial plan is based on establishing a grain contracting business leveraging our proprietary elite Camelina seed varieties, focusing on the production of omega-3 oils for nutritional applications and partnering or licensing our advanced Camelina gene technologies to biofuel value chain partners to support their goals of meeting the growing demand for low-carbon intensity feedstock oil. Yield10 is headquartered in Woburn, MA and has a Canadian subsidiary, Yield10 Oilseeds Inc., located in Saskatoon, Canada.
For more information about the Company, please visit www.yield10bio.com, or follow the Company on X (formerly Twitter), Facebook and LinkedIn.
(YTEN-G)
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical, including, without limitation, statements regarding the Company's expectations for including statements regarding the delisting of our common stock from Nasdaq, our transition over to the OTC Markets, and the continued registration of our common stock under the Exchange Act, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the Company’s ability to secure adequate funding in the near term to continue operations as to which no assurance can be given, as well as the risks and uncertainties detailed in Yield10's filings with the Securities and Exchange Commission. Yield10 assumes no obligation to update any forward-looking information contained in this press release or with respect to the matters described herein.
Contacts:
Yield10 Bioscience:
Lynne H. Brum, (617) 682-4693, LBrum@yield10bio.com
FAQ
Why is Yield10 Bioscience being delisted from Nasdaq?
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