OncoSec Medical (NASDAQ:ONCS) stock is taking off on Friday after the company received a delisting notice yesterday.
According to a filing with the Securities and Exchange Commission (SEC), the company has received a delisting notice from the Nasdaq Exchange. The issue is OncoSec Medical’s recent Chapter 7 bankruptcy filing.
This has raised concerns with the Nasdaq that OncoSec Medical won’t be able to maintain certain requirements to remain listed on the exchange. Among these are the minimum $2,500,000 stockholders’ equity and the minimum bid price of $1 per share. The Nasdaq notes that ONCS dropped below that price more than 30 days ago.
What This Means for ONCS Stock
The Nasdaq Exchange says that it will suspend trading of ONCS stock at the start of business on June 26. Following that, the exchange will file Form 25-NSE with the SEC. This will remove the company’s listing and registration with the Nasdaq.
OncoSec Medical says that it has no intention to appeal the decision made by the Nasdaq. As such, investors can expect shares of the company’s stock to stop trading on the exchange when Monday rolls around.
Despite this news, shares of ONCS stock are seeing heavy trading that’s sending it higher this morning. As of this writing, more than 15.9 million shares of the stock have changed hands. That’s a massive surge compared to its daily average trading volume of about 1.3 million shares.
ONCS stock is up 100.2% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
