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The company said that its management is working on an appeal with Nasdaq and expressed optimism that its American Depositary Shares will be eligible to trade on the OTC markets starting Monday.
Nasdaq-listed shares of UK-based TC BioPharm (Holdings) PLC (TCBP) tumbled 64% by Friday afternoon after the biopharmaceutical company said its securities would be delisted from the exchange.
The delisting follows the company’s failure to maintain a minimum bid price of $1 per share. The company said that its management is working on an appeal with Nasdaq and expressed optimism that its American Depositary Shares will be eligible to trade on the OTC markets starting Monday.
Earlier this week, the company announced a reduction in its workforce and other measures aimed at reducing core operational burn by 55% compared to last year. The layoff impacted approximately 20 employees, or half of the company’s total headcount.
On Stocktwits, investors expressed frustration over the news.
One user opined that there is little chance for recovery for the company’s stock.
In early March, TC BioPharm announced that it had executed a non-binding letter of intent to acquire 100% of a commercial-stage ophthalmic pharmaceutical company in an all-stock transaction.
CEO Bryan Kobel said the firm expects to execute the binding letter of intent in a few weeks and close the acquisition around the third quarter of this year.
At the beginning of 2025, Kobel said he anticipated 2025 to be a “period of growth and development” for the company. He expressed “strong confidence” in the company’s financial future after issuing a special dividend of 0.25 American Depositary Shares (ADSs) for every ADS held by shareholders.
The stock has dropped by over 94% this year, wiping nearly all its value over the past twelve months.
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